Scale Lends $150M to Finish Bronx Multifamily Property
13-story Mott Haven project will include 450 units
By Brian Pascus April 8, 2024 11:46 am
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Ben Beitel’s Beitel Group, a New York based development firm, has secured $150 million in construction financing to build a 13-story, 450-unit multifamily property in the Mott Haven neighborhood of The Bronx.
Slate Property Group’s debt financing business SCALE Lending provided the financing for the 289,000-square-foot asset that is currently in mid-construction. Landstone Capital Group’s Leah Paskus arranged the loan, while Prestige Construction has been tapped to serve as general contractor for the duration of the project.
Construction is due to be completed in mid-2025, according to Slate Property Group.
“We’re thrilled to continue bringing new inventory online and to work with an accomplished firm such as Beitel Group, whose national portfolio and success in New York City speak for themselves,” said Martin Nussbaum, co-founder and principal at Slate Property Group, in a statement.
The Beitel Group purchased an existing property at 120 East 144th Street in 2022 before demolishing the structure and beginning construction on a new development earlier this year. The new building will feature studios, one-bedrooms, and two-bedrooms, and include an outdoor courtyard, a fitness center with a yoga studio, a business lounge, and a coworking space. The building also includes a rooftop terrace for residents and 149 underground parking spaces.
The building is near the 149th Street Grand Concourse subway station that provides access to Grand Central Station and Manhattan’s Upper East Side through the 2,4,5 and five subway lines.
“SCALE’s loan activity is firing on all cylinders and there’s a lot more in the pipeline,” said Daniel Ridloff, managing director of SCALE, in a statement. “We look forward to helping to bring new high-quality housing to Mott Haven.”
Brian Pascus can be reached at bpascus@commercialobserver.com
