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SCALE Lending Issues $135M Construction Loan on Mott Haven Residential
SCALE Lending, the debt financing arm of Slate Property Group, issued a $135-million construction loan for two adjacent multifamily projects located at 261 Grand Concourse and 315 Grand Concourse in the Bronx’s Mott Haven neighborhood.
Led by Ben Beitel, the Beitel Group will utilize the funds for the ground-up construction of two 14-story residential towers totaling 348,000 square feet and 405 units. Landstone Capital arranged the 24-month whole-term loan with two six-month extension options.
“Demand in the Bronx multifamily market is already robust and continues to grow,” said Martin Nussbaum, co-founder and principal at Slate Property Group. “We are thrilled about the opportunity to once again team up with Ben Beitel, an experienced and established developer.”
This loan follows another recent SCALE construction loan for the Beitel Group, a $150-million financing for a 13-story, 450-unit multifamily project at 120 E. 144th St. also in Mott Haven.
What does 2025 hold for the Tri-State multifamily market? On October 1, hear industry experts forecast where the region stands compared to the nation, where new development is headed, and what transactional activity and rental demand will look like by the end of 2024 and into 2025. Don’t miss this key discussion at Connect Tri-State Multifamily.
- ◦Development
- ◦Financing
