Hope Street Capital has closed on a $55 million construction loan to finance the completion of a new seven-story residential building in Crown Heights, Brooklyn. Property . lies on 959 Sterling Place On a property formerly owned by the Hebron Seventh Day Adventist School, a New York City landmark was completed in 1889.
This loan is the latest closing for SCALE Lending, a Slate property group affiliated. Over the course of a year, SCALE has expanded its regional presence and is today one of the most active construction lenders, with over $1.25 billion in debt closings.
designed by morris adjmi architects, the new building will include a collection of approximately 150,000 square feet and 158 rental units. A total of 48 units will be set aside as affordable housing. Available floor plans will range from studio to two bedroom accommodation. Residential facilities will include a communal lounge, a fitness center and a manicured garden.
The façade will feature a mix of textured red brick, double-hung windows, pitched roofs with dark gray zinc shingles, and exposed brickwork that hides mechanical exhaust louvers and the glass-clad volumes that connect the structure’s east and west wings. Is.
Construction collapsed last year one after another Lengthy approval process with the Landmarks Conservation Commission, Since then, the development team has not announced when the project is expected to begin.