Madison Realty Capital Lends $450M on Rabsky Group's 625 Fulton Street
Commercial Observer reported that Rabsky Group and Spencer Equity have secured $450 million in construction debt from Madison Realty Capital to finish its proposed 941-foot mixed-use tower in Downtown Brooklyn. The funds will go towards the build out of a 35-story, 1,098-unit mixed-use multifamily and retail asset with two connected residential towers that sit above a five-story base at 625 and 635 Fulton Street. Designed with two interconnected residential towers atop a five-story podium, the property will offer 590,096 rentable residential square feet across 342 studios, 492 one-bedroom and 264 two-bedroom units and 30% of the units will be affordable through the Affordable New York program. “Downtown Brooklyn is an ever-expanding neighborhood, and new multifamily housing options, particularly of this caliber, will be quickly absorbed,” MRC Co-Founder and Managing Principal Josh Zegen said. “We are glad to support a property under development that will offer significant affordable housing options.”
