Rabsky Group has gotten an extension on $100 million in past-due loans for a Downtown Brooklyn development site it hopes to build a 942-foot-tall tower.

The developer signed a deal to extend two loans — for 625 and 635 Fulton Street, which it owns with Joel Gluck’s Spencer Equity — until July, Commercial Observer reported. Documents for the deal were filed on the Tel Aviv Stock Exchange.

Total financing for the project is $120 million. It combines an $80 million senior mortgage from Bank Leumi USA on 625 Fulton Street, a $20 million senior mortgage on 635 Fulton Street from BofI Federal Bank (now Axos Bank), and a $20 million mezzanine loan from the State Bank of Texas. All three were due in January this year.

Bank Leumi originated the loan in 2016, which was extended to mid-July with the option to further extend until January 2020. The mezzanine loan, with has an 11 percent interest rate, was also extended until mid-July. The second senior loan hasn’t yet been extended.

Sign Up for the undefined Newsletter

SIGN UP

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

Rabsky and Spencer paid $158 million for the 75,000-square-foot site in 2016. It has 600,000 buildable square feet. The lot at 625 Fulton Street is vacant — and 635 Fulton Street contains a three-story building, which as of 2017, had three tenants with leases expiring in 2018 and 2019, the report said.

According to a previous report, Rabsky hopes to build a 942-foot-tall building with 902 apartments, 739,000 square feet of office space and a 640-seat public elementary school at 625 Fulton Street.

Rabsky recently went into contract for a $95 million Gowanus development site owned by Yoel Goldman‘s All Year Management. Rabsky provided a $34 million deposit when it signed the contract in February. It’s slated to close in August.

[CO] — Meenal Vamburkar