Brooklyn Boro

$55M loan gives green light to Crown Heights development

February 1, 2022 Brooklyn Eagle Staff
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Multifamily development continues its upswing in Brooklyn, as real estate investment group Hope Street Capital recently secured a $55 million construction loan from SCALE Lending for a new development at 959 Sterling Place in Crown Heights.

The 150,000-square-foot, seven-story building will have 158 units, 48 of which will be set aside as affordable housing under the Affordable New York program.

The building is a short walk from Prospect Park, the Brooklyn Children’s Museum and several subway lines.

According to Multihousing News, a business publication, the building, which is already under construction, is being erected on a lot next to the Hebron Seventh Day Adventist Bilingual School, a New York City landmark. Because of some criticism from the Landmarks Preservation Commission and the neighborhood, the developer scaled back the design in order to move forward.

This loan marks the latest closing for SCALE Lending, a Slate Property Group affiliate, which has been one of the most active lenders in the market, with more than $1.25 billion in loans closed over the last 12 months.

Among other projects that SCALE Lending has helped to finance in Brooklyn are 240 Willoughby St. in Downtown Brooklyn-Fort Greene, a former Brooklyn Hospital Center building, with 489 units; and 210 Clarkson Ave., in Prospect-Lefferts Gardens, with 165 units.

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