Scale Lending Provides $69M Construction Loan on Brooklyn Multifamily Property
By Andrew Coen November 22, 2021 1:49 pm
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K2 Real Estate Partners has landed $68.5 million in construction financing for a ground-up build of a Brooklyn multifamily asset.
Scale Lending, the financing arm of Slate Property Group, provided the loan on 210 Clarkson Avenue, a planned 165-unit building in Prospect Lefferts Gardens. Meridian Capital Group arranged the debt package.
“We were also able to close quickly, which allowed the developer to immediately start the construction and maintain their eligibility for the Affordable New York program, which is set to expire in June of 2022,” Martin Nussbaum, co-founder and principal of Slate Property, said in a statement. “We are proud to have collaborated with K2 Real Estate Partners on this project and are excited for them to develop a successful project.”
Manhattan-based Scale has deployed $1.25 billion of loans over the past 18 months. The firm, which was founded in 2018, supplied $71 million of construction debt for a similar multifamily development in Little Ferry, N.J. last month.
The eight-story 165,000-gross-square-foot development is planning an unnamed grocery store as a tenant for ground-floor retail.
Officials for K2 Real Estate Partners did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
