$55 million financing arranged for Crown Heights apartment construction

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Hope Street Capital has confirmed a $55 million construction to complete construction of a seven-story residential structure in Brooklyn’s Crown Heights neighbourhood.

SCALE Lending, a Slate Property Group affiliate, provided the funds for the work at 959 Sterling Place. Morris Adjmi Architects designed the approximately 150,000 sq. ft. building with 158 rental units.

There will be various rental options, ranging from studios to two-bedroom accommodations. Amenities will include a communal lounge, a fitness center, and a manicured garden.

Construction broke ground last year following a lengthy approval process with the Landmarks Preservation Commission, New York YIMBY has reported.

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