$45M Loan Finances Construction of Harlem Condo High-Rise

SCALE Lending, the debt financing arm of Slate Property Group, has issued a $45-million senior-secured construction loan for a new multifamily project located at 264-272 W. 135th St. in Harlem. The sponsor, Mass Development, will use loan proceeds for the ground-up development of an 11-story residential condominium building. Arrow Real Estate Advisors’ Brandon Serota & Will Farrell represented the borrower.

The floating-rate loan runs for 30 months, with two six-month extensions. The project is set for completion in the summer of 2028.

“Mass Development had a compelling vision for this site, and the UAP density and HPD process demanded a lender with real conviction in ground-up condo construction and the sophistication to underwrite through the regulatory complexity,” said Serota. “We’re proud to have partnered with SCALE Lending to deliver a structure that kept the sponsor’s business plan and construction timeline intact, and we look forward to watching this project contribute to Harlem’s continued growth.”

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