Park Slope luxury rental scores $55M bridge loan

It’s all systems go at Ranco Capital’s rental project in Park Slope.

The developer scored a $55 million bridge loan from BridgeCity Capital on Jan. 28 for the luxury building, dubbed Deermar Residences. The loan, which refinances $39.1 million in construction funding from Bank Leumi, will help Ranco buy back capital from investors while it leases up, according to Moishe Loketch, BridgeCity’s director of business development.

Renderings and marketing materials show a sleek building with 72 units spanning 11 stories. There will be a rooftop dog run, a community facility and an indoor garden with trees and ivy. DoorDash has leased the 3,755-square-foot retail space on the ground floor.

Ranco has a handful of mid-size multifamily buildings in the pipeline across Brooklyn, including 199 Montrose Avenue in Williamsburg and 2045 Ocean Avenue In Midwood.

The Deermar replaced a family counseling facility and the Barbara Blum Residence, which provided supportive housing to teens. Ranco acquired the two buildings for $15.5 million in 2018.

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Ranco designed the units as condos, but pivoted to rentals to take advantage of surging rents in the city.

BridgeCity is a Brooklyn-based lender led by Allan Lebovits. It has previously lent to Ranco on projects including the 123-unit luxury rental development at 416 Metropolitan Avenue in Williamsburg.