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New York & Tri-State  + Outer  + Finance  |  October 18, 2023
Emily Fu
By: Emily Fu

SCALE Lending Provides $142M for Queens Apartment Building  

SCALE Lending, the debt financing arm of Slate Property Group, has closed a $142 million floating-rate loan for the final stages of construction of a 24-story apartment building at 147-35 95th Avenue in Jamaica, Queens.  

The loan will aid in the completion, lease-up, and stabilization of the 521-unit multifamily asset. Joel Zupnick, through Sutphin Boulevard Equities LLC, is the project sponsor and is set to complete the building by summer 2024, making it eligible for a 421-a tax abatement. 

The property will offer a mix of studio to two-bedroom units and various amenities, including a gym, yoga room, children’s playroom, business center, rooftop lounge, and more. The 30-month loan, which includes two six-month extension options, was arranged by Steve Hersko of SHB Group. 

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Steve Hersko

About Emily Fu

Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money. With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.
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