Slate Property’s debt financing arm Scale has issued a $150m (€138m) construction loan to US property developer Beitel Group.
Scale Lending has provided the loan for Beitel’s 13-storey, 450-unit multifamily project located at 120 East 144th Street in the Bronx’s Mott Haven neighbourhood.
Originally purchased by Beitel in 2022, the existing building at 120 East 144th Street was demolished, and the site is being fully redeveloped.
Beitel will use the capital to complete construction of the 289,000sqft asset.
The loan was arranged by Leah Paskus of Landstone Capital. Prestige Construction NY will serve as the general contractor for the project which is expected to be completed in mid-2025.
Martin Nussbaum, co-founder and principal at Slate Property, said: “The need for multifamily in New York City’s residential neighbourhoods continues to grow, and new housing projects like 120 East 144th Street are critical in helping meet that demand.
“We’re thrilled to continue bringing new inventory online and to work with an accomplished firm such as Beitel Group, whose national portfolio and success in NYC speak for themselves.”
Paskus said: “We are pleased to close another significant deal with the Slate team and the Beitel Group. It is a pleasure to provide financing for a substantial development in Mott Haven as it has continued to be the most exciting emerging market in New York.”
Daniel Ridloff, managing director at Scale Lending, said: “Scale’s loan activity is firing on all cylinders and there’s a lot more in the pipeline. Working with our trusted partners at Beitel Group, as well as Prestige Construction NY, who is also building 268 Lorimer Street in Williamsburg, we look forward to helping to bring new high-quality housing to Mott Haven.”
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