"The new financing wipes out roughly $555 million of construction debt that Madison Realty Capital provided last year and comes on the heels of a separate $450 million Madison loan in 2021."
"Turning that short-term, higher-pressure debt into a longer-dated bank facility effectively rewrites the capital stack for 625 Fulton and gives the ownership group more breathing room."
"The 35-story complex holds about 1,102 apartments split into 303 studios, 475 one-bedrooms and 324 two-bedrooms, with roughly 30 percent of the units set aside as affordable."
Rabsky Group has finalized a $765 million refinancing for its Downtown Brooklyn development, converting construction debt into long-term bank financing. The 35-story building features over 1,100 apartments and aims to stabilize the project's financial structure. The refinancing replaces approximately $555 million in previous construction loans, allowing the developer to concentrate on leasing and other projects. The complex includes a mix of studio, one-bedroom, and two-bedroom units, with a portion designated as affordable housing, alongside retail space and amenities.
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