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.
