SCALE Lending Offers $142M Financing for Queens Apartment Building

SCALE Lending Offers $142M Financing for Queens Apartment Building

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.

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

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