Replaces previous financing provided by Signature Bank
The Rabsky Group and Spencer Equity have landed $65 million in financing from an unnamed lender for its Broadway Triangle project. Upon completion, the eight-building development will consist of 1,146 apartments (287 will be affordable), plus 64,800 SF of retail. The land sits at the intersection of Williamsburg, Bed-Stuy, and Bushwick.
Financing breakdown: The one-year loan carries an interest rate of 4.5 percent over Libor. It will replace an existing $20 million loan provided by Signature Bank and also repay $10 million in financing provided by Joel Gluck. The remaining $35 million will go towards the first phase of development. Under the terms of the deal, the developers have the option of increasing the debt to $80 million.