Brooklyn project receives $450 million in construction financing

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Madison Realty Capital (MRC) has  provided $450 million in construction debt to a Rabsky Group-led venture to finish the ground-up build out of a multifamily, mixed-use tower at 625 Fulton Street in Brooklyn, Commercial Observer (CI) has reported.
The funds will support the  build-out of the 35-story tower with 1,098 residential units and linking to two other towers set on a five-story base, Commercial Observer reported on Sept. 3.
Excavation work started in May, New York YIMBY reported.
Fischer Rasmussen Whitefield Architects designed the project reportedly with 1.8 million sq. ft. of non-residential space (about 740 sq. m. of offices), 902 apartment units, retail space and an elementary school, connected by a public plaza area.

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