Rabsky Group has locked in a $765 million refinancing on its massive Downtown Brooklyn development, swapping out construction debt for long-term bank financing as the DoBro tower shifts into full operations. The 35-story building at Fulton Street and Rockwell Place holds more than 1,100 apartments, and the fresh loan is structured to steady the project’s balance sheet. For a build of this size, the refi eases near-term financing pressure and lets the developer focus more on leasing and nearby projects instead of looming payoff dates.
Loan details
According to Commercial Observer, J.P. Morgan Chase supplied the $765 million balance-sheet loan, with Galaxy Capital partner Henry Bodek arranging the deal. The financing is structured as a permanent bank loan on the recently completed 625 Fulton Street property. Commercial Observer reported that J.P. Morgan and Rabsky did not immediately respond to requests for comment, keeping the street in the dark on finer details for now.
What the refi replaces
The new financing wipes out roughly $555 million of construction debt that Madison Realty Capital provided last year and comes on the heels of a separate $450 million Madison loan in 2021, The Real Deal reported. Those earlier loans helped push the tower from construction through delivery and several recapitalizations. Turning that short-term, higher-pressure debt into a longer-dated bank facility effectively rewrites the capital stack for 625 Fulton and gives the ownership group more breathing room.
Project snapshot
The 35-story complex holds about 1,102 apartments split into 303 studios, 475 one-bedrooms and 324 two-bedrooms, with roughly 30 percent of the units set aside as affordable, Commercial Observer reported. The property also brings about 54,000 square feet of retail space, anchored by an Aldi supermarket, along with on-site parking and a package of amenities in line with other large new rental buildings. Taken together, the size, mix and retail footprint put 625 Fulton among the biggest recent residential additions in Downtown Brooklyn.
Where Rabsky is growing
Rabsky and partner Spencer Equity have been doubling down in the area. In November 2025, the pair took over the long-term ground lease at 356 Fulton Street from Extell for about $39 million, with plans for an adjacent project that would include condos, rentals and commercial space, The Real Deal reported. That move extends Rabsky’s DoBro footprint and signals a pipeline that blends for-sale units with rental product while knitting together multiple parcels in the heart of Downtown Brooklyn.
Why it matters
Replacing construction loans with a permanent bank facility should give Rabsky time to fill apartments, lock in retail tenants and shift capital into nearby sites as 625 Fulton stabilizes. New York YIMBY tracked the tower’s exterior nearing completion late in 2024, and the refinancing marks a turn from heavy construction leverage to longer-term financing as the building comes fully online. For neighbors and would-be renters, that could translate into quicker retail openings at the base and a more predictable finish-out timeline.
For Rabsky, the deal is a key financing milestone that trades near-term risk for added runway across its Brooklyn plans. As DoBro continues to evolve, the performance of this refi will serve as an early test of how much demand there is for large-scale rental inventory in Downtown Brooklyn.
