Brooklyn Mixed-Use Project Lands $166M Construction Loan
The community will have quick access to a nearby subway terminal.
Goose Property Management has secured a $166 million construction loan from SCALE Lending to develop a four-building, 302,000-square-foot mixed-use community located at 280 Bergen St. in the Boerum Hill section of Brooklyn.
SCALE Lending, the debt financing arm of Slate Property Group, has financed more than $3 billion in loan originations for residential projects primarily in the New York metropolitan area and select high-growth markets on the East Coast.
The firm has worked with both Goose Property Management and Galaxy Capital on Brooklyn-area transactions in the past. In March 2022, SCALE Lending funded an $87.6 million acquisition and construction loan for Goose Property Management to purchase a site at 575 Grand St. in Brooklyn to develop 186 units of mixed-income housing in Williamsburg. Galaxy Capital arranged the financing. Thirty percent of the units in the Williamsburg building were set aside for affordable housing under the Affordable New York program.
280 Bergen development plans
Brooklyn-based Goose Property Management’s plans at 280 Bergen St. call for the construction of three 11-story buildings and one 12-story building. The development will have 367 multifamily units, 9,700 square feet of commercial space and 40 parking spaces. The rental apartments will have studios as well as one- and two-bedroom floorplans. 280 Bergen’s amenities will include a fitness center, yoga studio, theater, game room, lounge and children’s playroom.
The transit-oriented development will be three blocks from Atlantic Terminal, with access to Long Island Rail Road and the 2, 3, 4, 5, B, D, N, Q and R subway lines. The central location in North Brooklyn will allow for easy access to nearby neighborhoods including downtown Brooklyn, Gowanus and Park Slope in addition to providing a quick commute into Manhattan.
The development is designed by Fischer Rasmussen Whitefield Architects, a Montreal-based firm specializing in ground-up building designs as well restorations, planning and zoning.
SCALE scales up lending
SCALE Lending has announced more than $1 billion in closings over the past year. The most recent deals were for assets in Florida. In April, the lender provided a $105 million construction loan to MG Developer for the construction of Metro Parc South, a 347-unit transit-oriented multifamily community in Hialeah, Fla., that is part of the master-planned Metro Center project. A month earlier, SCALE Lending provided a $79 million construction loan for the redevelopment of Silver Sky Capital’s Bath + Racquet Residences in downtown Sarasota, Fla. The property will feature 256 residential condos as well as commercial, recreational and office space.
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Late last year, SCALE Lending provided a $170 million construction loan to Terra, a South Florida development firm, to begin construction of Upland Park, a $1 billion mixed-use community in West Miami-Dade County. Upon full buildout, the project is expected to have more than 2,000 mid-rise and garden-style residential units.
Back in Brooklyn, SCALE Lending provided a $140 million construction loan in March 2024 to Clipper Equity for development of a 354-unit multifamily community at 2366 Bedford Ave. in the Flatbush neighborhood. The project is slated for delivery later this year.
