Madison Realty Capital Lends $140M on Brooklyn Resi Tower Project
Commercial Observer reported that Rabsky Group has secured $140 million in construction takeout financing for their nearly completed multifamily high-rise in Fort Greene, Brooklyn. The 463-unit property at 240 Willoughby Street is 95% complete, with Madison Realty Capital originating the loan. The 30-story project is located adjacent to Fort Greene Park and includes 82 studios, 228 one-bedroom, and 153 two-bedroom apartments. The property will feature various amenities including a fitness center, yoga studio, game room with sports simulator, media room, and business lounge. The project is expected to be completed in the second quarter of 2025. As part of the former 421a tax abatement program, 30% of the units will be designated as affordable housing. Josh Zegen of Madison Realty Capital noted that "Downtown Brooklyn is a hub for technology and innovation businesses, presenting substantial demand for supporting retail and large-scale residential developments." The deal was negotiated by Henry Bodek of Galaxy Capital.
