SCALE Lending, the debt financing division of Slate Property Group, has finalized a $46 million bridge loan for Arris Grand, a recently completed nine-story residential building at 982-998 Fulton Street in Clinton Hill, Brooklyn. The loan will be utilized to pay off the existing construction loan and support the lease-up phase of the multifamily building.
The affordable housing lottery has launched for 689 Franklin Avenue, a four-story mixed-use building in Crown Heights, Brooklyn. Designed by L&C Associates and developed by David Manesh of Two Lot LLC, the structure yields eight residences. Available on NYC Housing Connect are three units for residents at 130 percent of the area median income (AMI), ranging in eligible income from $80,572 to $198,250.
Permits have been filed for a four-story school building at 257 Kings Highway in Gravesend, Brooklyn. Located between West 8th Street and West 9th Street, the lot is one block from the Kings Highway subway station, serviced by the N train. Yecheskel Halberstam of Applied ABC is listed as the owner behind the applications.
Construction has topped out on 16 Dupont Street, a 40-story residential tower in Greenpoint, Brooklyn‘s 22-acre Greenpoint Landing master plan. Designed by GKV Architects and developed by Rockefeller Group and Park Tower Group, the 400-foot-tall structure will span 365,651 square feet and yield 381 rental units, with 115 reserved for affordable housing, as well as 2,548 square feet of ground-floor retail space and 138 enclosed parking spaces. Monadnock Construction is the general contractor for the property, which is located at the intersection of Dupont, West, and Commercial Streets.
Permits have been filed for a five-story residential building at 1009 Decatur Street in Bushwick, Brooklyn. Located between Broadway and Bushwick Avenue, the lot is near the Chauncey Street subway station, serviced by the J and Z trains and Wilson Avenue, serviced by the L train. Chiem Sachs of Firerush LLC is listed as the owner behind the applications.
