- Rabsky Group landed a $765M refinance loan for its 625 Fulton multifamily development.
- JPMorgan Chase provided the loan, replacing a previous $555M construction loan.
- The 35-story Downtown Brooklyn property features 1,102 units, with 30% designated as affordable housing.
- The project includes 54,000 PSF of retail space, anchored by Aldi.
Major Loan for Multifamily Development
The Real Deal reports that the Rabsky Group has secured a $765M refinance from JPMorgan Chase for its newly completed 625 Fulton Street project in Downtown Brooklyn. The loan, arranged by Galaxy Capital, replaces construction financing from Madison Realty Capital and supports Rabsky’s ongoing investment in the area.
Project Details
The multifamily development at 625 Fulton rises 35 stories and delivers 1,102 residential units. Of these, 30% are affordable housing. The building’s ground floor features 54,000 PSF of retail, anchored by German grocery chain Aldi, further solidifying its mixed-use appeal for residents and the surrounding community.
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Strategic Assembling in Downtown Brooklyn
Rabsky began assembling the site in 2015. It acquired the first parcel from Forest City Enterprises. The firm expanded with an adjacent property in 2017. The completion of 625 Fulton adds to Downtown Brooklyn’s multifamily pipeline. At the same time, rising home prices and strong cash activity across Brooklyn signal continued demand for residential assets. It also reflects strong investor confidence in large mixed-income housing projects.
Ongoing Multifamily Development Activity
Rabsky continues expanding its presence beyond 625 Fulton. The firm and partner Spencer Equity Group secured ground lease rights at 356 Fulton. They plan future residential development at the site. In addition, Rabsky filed plans for a 24-story building with 106 units in Tribeca. This move further strengthens its multifamily footprint across New York City.
