Developers Close On $55M Construction Loan For 959 Sterling Place In Crown Heights, Brooklyn
Hope Street Capital has closed on a $55 million construction loan to finance the completion of a new seven-story residential building in Crown Heights, Brooklyn. The property is located at 959 Sterling Place on a property formerly owned by the Hebron Seventh Day Adventist School, a New York City landmark completed in 1889.
The loan is the latest closing for SCALE Lending, a Slate Property Group affiliate. In the course of a year, SCALE has expanded its regional presence and is today among the most active construction lenders with more than $1.25 billion in loans closed.
Designed by Morris Adjmi Architects, the new building will comprise roughly 150,000 square feet and a collection of 158 rental units. A total of 48 units will be set aside as affordable housing. Available floor plans will range from studios up to two-bedroom accommodations. Residential amenities will include a communal lounge, a fitness center, and a manicured garden.
The façade will comprise a mix of textured red brick, double-hung windows, pitched roofs paved with dark gray zinc shingles, and staggered open brickwork that conceals mechanical exhaust louvers and glass-clad volumes that link the east and west wings of the structure.
Construction broke ground last year following a lengthy approval process with the Landmarks Preservation Commission. Since then, the development team has not announced when the project is expected to debut.