Goose Property Management has acquired a site at 575 Grand St. for the development of a 186-units mixed-income community in Brooklyn, N.Y. Galaxy Capital arranged the $87.6 million acquisition and construction financing, funded by SCALE Lending.
The community will stand nine stories tall and encompass 175,000 square feet of residential space. Thirty percent of the units are set aside for affordable housing under the Affordable New York program.
Located within the Williamsburg neighborhood, the community is next to numerous dining options along Union Avenue and Grand Street. The McCarren and Msgr. McGolrick Park are within a mile of the property. The transit-oriented community is close to several metro stations, connecting to major employment and entertainment hubs in the city.
New York is rebounding after the first year of the pandemic, registering a 2.9 percent occupancy growth and 17.6 rent growth year-over-year as of February. Williamsburg has registered some development activity, with two properties under construction and three planned projects, which will add some 720 units to the existing inventory, Yardi Matrix data shows.
SCALE Lending has closed more than $1.5 billion in loans in the past year, including two other partially-affordable housing projects in Brooklyn, N.Y. Last month, the company secured $137 million in financing for a 330,000-square-foot development in Williamsburg and another $55 million loan for a community in Brooklyn’s Crown Heights neighborhood.