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Rabsky and Spencer land $65M loan for Broadway Triangle project

Funds from unnamed lender will repay previous debts on the property

A rendering of Broadway Triangle (Credit: Magnusson Architecture and Planning via Department of City Planning)
A rendering of Broadway Triangle (Credit: Magnusson Architecture and Planning via Department of City Planning)

Simon Dushinsky and Isaac Rabinowitz’s Rabsky Group is forging ahead with an eight-building development in South Williamsburg’s Broadway Triangle, after a judge dismissed a discrimination lawsuit against the controversial project earlier this year.

Dushinsky, together with co-developer Joel Gluck of Spencer Equity, landed a $65 million loan from an unnamed financial institution for the project, according to documents filed with the Tel Aviv Stock Exchange.

The one-year loan will repay an existing $20 million loan on the property, originated by Signature Bank in 2015. Another $10 million will will be used to repay Gluck a portion of the money he fronted Dushinsky, leaving roughly $30 million in the pot after costs, according to the document. Gluck has provided Dushinsky with two loans, a $15 million loan that comes due in January, and a $20 million loan that comes due in April.

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Under the terms of the new loan, which carries an interest rate of 4.5 percent over Libor, Dushinsky and Gluck have the option of increasing the debt to $80 million, and the lender has right of first refusal on the financing of a second stage of the two-block development.

Rabsky and Spencer are equal partners in Harrison Realty LLC, the owning entity of the project, which consists of 1,146 housing units — 287 of which will be affordable — and 65,000 square feet of retail.

Rabsky’s plan for the area has ignited several rounds of community disssent. After the city approved a rezoning that allowed the project to go through, several community groups sued claiming that the influx of market-rate apartments would discriminate against people of color. The suit was dismissed in July.

Rabsky and Spencer did not reply to requests for comment.

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