Ranger, KD Sagamore JV Lands $46M Refi in Brooklyn

A joint venture between Ranger Properties and KD Sagamore has secured a $46 million bridge loan for Arris Grand, a recently completed 113-unit multifamily community in Brooklyn, New York. SCALE Lending, the debt financing branch of Slate Property Group, provided the funds.

The owner will use the loan proceeds to repay the construction financing and aid the leasing process, which is handled by Corcoran for the residential component and RIPCO on the retail side. In 2021, the project became subject to three loans totaling $40 million, also provided by Slate Property group, according to Yardi Matrix data.

Completed in November 2023, the building rises nine stories and encompasses studio, one- and two-bedroom units, along with more than 7,000 square feet of retail space. It was designed by architecture firm Fogarty Finger and is located at 982-998 Fulton St., at the intersection with Grand Avenue.

Residences feature floor-to-ceiling windows and in-unit washers and dryers, along with private patios or terraces. Additionally, the property includes 10,000 square feet of amenity space, comprising a fitness center, roof deck, coworking space and gaming and media rooms.

Throughout 2023, nine multifamily properties that had 50 units or more came online in Brooklyn, for a total of 2,595 units, according to Yardi Matrix research. The borough’s development pipeline totaled 65 properties with 18,045 apartments under construction, the same source shows. Recently, CAMBA broke ground on a $238 million affordable project encompassing 328 units in the borough.