Developer Lands Loan To Build Tower Project In Brooklyn

A developer planning to build a high-rise residential building and update an existing tower in NYC’s Brooklyn borough has closed on a US$72-million loan to get the project going, New York YIMBY reports. The Rabsky Group, landing the money from SCALE Lending, will launch the target at 240 Willoughby Street, in Brooklyn’s Fort Greene neighborhood. The money will also fund the renovation of the existing, 21-story, 189-unit multifamily development within the parcel. The complex, originally known as Brooklyn Hospital Center, was acquired by Rabsky Group in 2018. The developer is finalizing its timeline to begin construction, which is expected to get underway this year. Designed by Fischer Rasmussen Whitefield, the new tower will top out at 30 stories and comprise 300 rental units. Some of the units will be designated as affordable housing. Rabsky has not confirmed when the project will be completed, but ground has been broken.