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SCALE Lending, the debt financing arm of Slate Property Group, has issued a $305 million construction loan for a major multifamily development planned at 355 Exterior Street in the Mott Haven neighborhood of the South Bronx. The project, led by the Beitel Group, involves the ground-up construction of two connected residential towers — one rising 40 stories and the other 26 stories — that will bring a total of 755 rental units to the market.
The financing arrangement was organized by Landstone Capital Group and consists of an 18-month whole-term loan, which includes two optional six-month extensions.
“The Mott Haven submarket of New York City has seen tremendous growth over the past five years,” said Martin Nussbaum, co-founder and principal at Slate Property Group. “We’ve found a winning combination of expertise by teaming up with the Beitel Group, an experienced developer with multiple assets in the Mott Haven market.”
This is not the first collaboration between SCALE Lending, Beitel Group, and Prestige Construction in the area. Previous joint efforts in Mott Haven include $135 million in financing for 261 and 315 Grand Concourse, as well as $150 million for another multifamily development at 120 E. 144th Street.
Rendering courtesy of J Frankl Architects.
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