Developers Ranger Properties and KD Sagamore Capital Construction secured a $40 million construction loan.
The developers have teamed up on bringing a 113-unit multifamily property to 982-988 Fulton Street in Clinton Hill, Brooklyn. The project will be aided by the construction loan, which was provided by Scale Lending, according to the Commercial Observer.
The loan could help begin construction on what appears to be a difficult development for Ranger Properties. It appears the development on Fulton Street is similar to the location of 445 Grand Street, a nine-story building The Real Deal has previously reported was stalled for so long that instead of a building, a sapling has sprouted in its place.
Renderings for the building were revealed by architect Fogarty Finger more than two years ago. Ranger Properties even installed fencing, demolished the parking lot and built the foundation.
But the project was expected to be completed this past summer, which has come and gone without a start to construction. A falling out between two Ranger Properties executives seems to be the cause for the work delay, according to a lawsuit filed last month by the developer.
Ranger did not immediately return The Real Deal’s request for comment. The halted project on Grand Avenue is estimated to cost at least $72 million to complete.
Scale Lending, the financing arm of Slate Property Group, has been keeping itself plenty busy with loans amid the pandemic. The company closed on a $65.9 million construction loan in Astoria last week. In the last 18 months, Scale has financed in excess of $1 billion in loans for multifamily projects.
[CO] — Holden Walter-Warner