March 24, 2022

SCALE Lending Supplies $87M Loan for Williamsburg Multifamily Project

Goose Property Management has snagged $86.7 million of financing for the acquisition and construction of multifamily development at a former Key Food site in Williamsburg, Brooklyn, Commercial Observer has learned.

SCALE Lending provided the debt package for the 175,000-square-foot project at 575 Grand Street, which will include 186 new units with 30 percent set aside as affordable housing under the Affordable New York program. The financing was arranged by Henry Bodok of Galaxy Capital.

Brooklyn-based Goose Property Management, which is led by Jacob Katz, acquired 575 Grand Street from Tapps Supermarkets for $42.5 million, sources told CO.

TerraCRG Partners’ Daniel Lebor and Dan Marks exclusively represented the buyer in the deal.

”This transaction is representative of the demand for residential development sites that have the ability to qualify for Affordable New York before the abatement expires in June,” Lebor said in a statement. “575 Grand Street presents a unique opportunity to capitalize on this moment in one of the most active neighborhoods in Brooklyn.”

Read more here.