Rabsky lands $93M construction loan for Rheingold project

Bank Leumi provides financing for 400K sf, 500-unit Bushwick rental

A rendering of 10 Montieth Street (credit: ODA New York)
A rendering of 10 Montieth Street (credit: ODA New York)

UPDATED, Dec. 13, 1:13 p.m.: Rabsky Group pulled off $93 million in new construction financing from Bank Leumi for its 400,000-square-foot rental project on the sprawling former Rheingold Brewery site in Bushwick.

The Israeli bank provided the new loans for three parcels owned by Simon Dushinsky and Isaac Rabinowitz’s Rabsky Group [TRDataCustom] at 10 Montieth Street,  property records filed with the city Tuesday show. Rabsky received a total of $132 million in loans, but $39 million of it was part of the old acquisition financing provided by the bank.

Neither Rabsky nor a representative from the bank could be immediately reached for comment.

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The Brooklyn-based developer paid $53 million in 2014 to purchase the site where he’s planning to build a 500-unit rental building designed by Eran Chen’s ODA New York, part of a much larger redevelopment of the area. Of the 500 apartments, 100 will be affordable, sources said.

Next door to Rabsky’s site, Yoel Goldman’s All Year Management is building its own large rental property, with more than 900 units. Goldman just obtained an additional $10 million in construction financing from Madison Realty Capital on top of the $285 million the lender had previously laid out to finance the site’s acquisition and construction.

Both projects are scheduled to be completed in early 2018.