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Posted: February 8, 2022
SCALE Lending closes $55 million construction loan for 959 Sterling Place
Brooklyn, NY SCALE Lending completed a $55 million construction loan at 959 Sterling Place in Crown Heights. The 150,000 s/f, 7-story development will have 158 units, and 48 units will be set aside as affordable housing under the Affordable New York program. This loan marks the latest closing for SCALE Lending, a Slate Property Group affiliate, with more than $1.25 billion in loans closed over the last 12 months.
“We were eager to work with Hope Street Capital, and this project is yet another example of SCALE’S expertise in identifying and developing custom financing solutions for our borrowers,” said Daniel Ridloff, managing director of SCALE Lending. “We are thrilled to continue our momentum from last year with yet another prominent project, and we are excited for what’s to come throughout the upcoming year.”
959 Sterling Place is near Prospect Park, The Brooklyn Children’s Museum, and multiple subway lines. The developer is Hope Street Capital, and the financing was arranged by Walker & Dunlop, Inc.
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