**SCALE Lending Issues $305 Million Construction Loan for Mott Haven Multifamily Project**
SCALE Lending, the debt financing division of Slate Property Group, has issued a $305 million construction loan to support a major residential development in the South Bronx’s Mott Haven neighborhood. The loan will fund the ground-up construction of two connected residential towers—rising 40 and 26 stories, respectively—at 355 Exterior Street. The project is being developed by the Beitel Group and will offer a total of 755 rental units. Landstone Capital Group arranged the 18-month, whole-term loan, which includes two optional six-month extensions.
“The Mott Haven submarket of New York City has seen tremendous growth over the past five years,” said Martin Nussbaum, co-founder and principal at Slate Property Group. “We’ve found a winning combination of expertise by teaming up with the Beitel Group, an experienced developer with multiple assets in the Mott Haven market.”
This is not SCALE Lending’s first venture in the area. Previously, the firm provided $135 million for two projects at 261 and 315 Grand Concourse, and $150 million for a development at 120 E. 144th Street. These projects also involved collaboration with the Beitel Group and Prestige Construction.
*Rendering courtesy of J Frankl Architects.*
