Slate Property Group’s debt financing arm, SCALE Lending, has successfully closed a $142 million floating-rate loan for the final stages of construction on a 24-story apartment building in Jamaica, Queens. The 521-unit multifamily asset is being developed by project sponsor Joel Zupnick through Sutphin Boulevard Equities LLC and is expected to be completed by summer 2024 with eligibility for a 421-a tax abatement.
The property will feature studio to two-bedroom units and an array of amenities such as a gym, yoga room, children’s playroom, business center, rooftop lounge and more. SHB Group’s Steve Hersko arranged the 30-month loan with two six-month extension options. This financing will support the completion as well as lease-up and stabilization efforts for this development project in Queens.
