A $140 million construction loan has been issued for a new seven-story residential development located at 2366 Bedford Avenue in Flatbush, Brooklyn. The loan was issued by SCALE Lending to Clipper Equity, the project’s developer. It marks a continuation of SCALE Lending’s aggressive financing strategy and pushes its 2024 transaction volume to over $400 million in loans provided.
The development, which was designed by S. Wieder Architect, plans to yield 354 multifamily units. Beyond that, it plans to feature ground-floor retail space, 236 parking spots, and a variety of amenities, including a cafe and business lounge, saunas, a cycling studio, and a golf simulator.
Bedford Avenue looking south toward the Sears facility, via Google Maps
2366 Bedford Avenue is a part of the broader redevelopment of the Sears catalog printing facility, which has converted the historically industrial space into affordable housing. Completion is scheduled for the third quarter of 2025, and construction is being spearheaded by Manhattan Management Realty.
Clipper Equity, which has delivered more than 60 buildings in the New York City area, is leveraging the financing for the project under the old 421A tax abatement program.
“While the volume of transactions completed by traditional lenders continues to be stagnant, SCALE is more active than it’s ever been. We’re seizing the moment and leveraging our strong relationships to close deals on high-quality multifamily properties in desirable locations,” said Daniel Ridloff, managing director of SCALE.
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I know the policies of this project, which has no financial problems. And there is no need to know bank officials: Thanks.