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. This loan will support the completion and stabilization of the 521-unit multifamily property. The project sponsor is Joel Zupnick through Sutphin Boulevard Equities LLC and aims to finish construction by summer 2024 in order to qualify for a 421-a tax abatement.

The upcoming property will feature studio to two-bedroom units as well as various amenities such as a gym, yoga room, children’s playroom, business center and rooftop lounge. SHB Group’s Steve Hersko arranged this thirty-month loan with two six-month extension options. This investment marks another successful venture for Slate Property Group in their commitment towards developing quality residential properties in New York City.

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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