Rabsky Group Secures $72M Financial Package to Construct 240 Willoughby Street in Fort Greene, Brooklyn

Rendering of 240 Willoughby Street - Courtesy of Rabsky GroupRendering of 240 Willoughby Street - Courtesy of Rabsky Group

The Rabsky Group recently closed on a $72 million construction loan to complete a new high-rise residential building at 240 Willoughby Street in Fort Greene, Brooklyn. Provided by SCALE Lending, the construction loan will also fund the renovation of an existing 21-story, 189-unit multifamily development within the same complex.

The Rabsky Group acquired the complex, formerly known as Brooklyn Hospital Center, in 2018. That deal was reportedly brokered for $100 million. Today, the developer is finalizing its timeline to begin construction, which is expected to break ground this year.

“We’re excited to work with Rabsky Group, one of the most prominent developers in New York City,” said Martin Nussbaum, co-founder and principal of Slate Property, SCALE Lending’s owning entity. “This loan was another example of SCALE’s ability to quickly navigate a complex loan structure, including multiple buildings, a ground lease, and more. We are proud to have had such a successful year financing top-tier borrowers and great projects and are hopeful to be even more active in 2022.”

Designed by Fischer Rasmussen Whitefield, the new tower will top out at 30 stories and comprise 300 rental units. An unspecified portion of the units will be designated as affordable housing.

Rabsky has not confirmed when the project is expected to be completed, but construction has already broken ground.

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4 Comments on "Rabsky Group Secures $72M Financial Package to Construct 240 Willoughby Street in Fort Greene, Brooklyn"

  1. David in Bushwick | January 10, 2022 at 8:28 am | Reply

    What the heck is going on with the wall at the top of the new tower?

  2. Very good. Nice to see the area between Flushing and the park getting a little more density. I wish NIMBY shared the masterplan renderings that were floating around at one point. And if I remember correctly there is at least one other site within the Brooklyn Hospital Center campus that is up for redevelopment.

  3. Angel L Rodriguez | January 13, 2022 at 5:40 am | Reply

    I have cityfheps my voucher is 1,900 plus i am on social security disability. Am 59 years old 3479843581

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