New York & Tri-State + Uptown/Bronx + Finance | June 28, 2021

Multifamily Project in Mott Haven Lands $63M Loan

Scale Lending has provided a $63-million loan to YS Developers, led by Simon Kaufman. The loan will finance the construction of 322 Grand Concourse, a 14-story, 151-unit, 135,000-square-foot multifamily building in the Mott Haven neighborhood of the Bronx.

“We continue to see a steady recovery in the multifamily sector and the Bronx, as a neighborhood, has maintained strong demand even during the pandemic.” said Martin Nussbaum, co-founder of Slate Property Group and Scale Lending. “

The loan, which follows SCALE’s $59-million loan for The Enclave in East Harlem and $55-million loan for the Nova in Long Island City, will support the delivery of 322 Grand Concourse at a time when Mott Haven continues its rapid appreciation. The building, projected to be completed in two years, will be part of the Affordable NY program, with 30% of the units slated for affordable housing.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).