SCALE Lending, the debt financing division of Slate Property Group, has provided a $135 million construction loan for two adjacent multifamily developments in the Mott Haven neighborhood of the Bronx. The projects are located at 261 Grand Concourse and 315 Grand Concourse.
Led by Ben Beitel, founder of Beitel Group, these funds will be used to construct two 14-story residential towers totaling 348,000 square feet and featuring a total of 405 units. Landstone Capital facilitated this loan with a term length of twenty-four months and options for two six-month extensions.
According to Martin Nussbaum, co-founder and principal at Slate Property Group: “The demand for multifamily properties in the Bronx is strong and continues to grow.” He also expressed excitement about partnering once again with experienced developer Ben Beitel.
This latest construction loan from SCALE follows another recent financing deal between SCALE Lending and Beitel Group – a $150 million loan for another Mott Haven project featuring thirteen stories and four hundred fifty units located at120 E.144th St.
