SCALE Lending, the debt financing arm of Slate Property Group, has provided a $45 million senior-secured construction loan for a new multifamily project in Harlem. The financing supports a ground-up residential condominium development at 264-272 West 135th Street, where the sponsor, Mass Development, plans to deliver an 11-story building.
Loan proceeds will fund construction of the condominium property, which is planned to include 72 for-sale residences. The capital structure is anchored by a floating-rate facility with an initial term of 30 months, supplemented by two six-month extension options. Arrow Real Estate Advisors arranged the financing on behalf of the sponsor.
The project is scheduled to reach completion in the summer of 2028, positioning the condominium delivery several years out in a submarket described as having limited new inventory. According to Slate Property Group co-founder and principal Martin Nussbaum, Harlem has seen few comparable condominium developments come to market in recent years, and the current pipeline for similar product is characterized as effectively empty.
Nussbaum noted that this lack of new condominium supply in Harlem creates an opportunity for new for-sale housing, and he emphasized SCALE Lending’s role in providing the capital needed for the project. The financing is expected to enable Mass Development to move forward with the full build-out of the planned 11-story residential structure and bring additional condo units to the local housing stock.
The transaction highlights ongoing lender interest in backing residential condominium construction in New York City neighborhoods where new product has been constrained. With a defined loan term, a clear development timetable extending through 2028, and a specified unit count, the deal illustrates how non-bank debt platforms are structuring construction loans for urban multifamily condo projects.
While detailed loan terms beyond the headline amount, floating-rate structure, and extensions were not disclosed, the financing underscores the role of specialized lenders and intermediaries in sourcing construction capital for targeted infill developments. For Harlem, the planned 72-unit condominium project represents a notable addition to the for-sale pipeline in an area described as long overdue for new condominium inventory.
