Slate Property Group Provides $135M Construction Loan for Bronx Project
Beitel Group is building two new residential buildings under New York’s expired 421a program
By Brian Pascus September 16, 2024 11:32 am
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Beitel Group has secured $135 million of construction financing to build a pair of multifamily projects in the Mott Haven neighborhood of the Bronx that will be financed under New York’s expired 421a affordable housing program.
Slate Property Group’s debt financing arm, SCALE Lending, provided the two-year, whole term loan that includes a pair of six-month extensions, the lender announced Monday. Leah Paskus of Landstone Capital arranged the financing.
Martin Nussbaum, co-founder and principal at Slate Property Group, noted that Beitel Group carries a $2 billion portfolio and specializes in New York City multifamily projects.
“Demand in the Bronx multifamily market is already robust and continues to grow,” said Nussbaum. “We are thrilled about the opportunity to once again team up with Ben Beitel, an experienced and established developer.”
Located at 261 Grand Concourse and 315 Grand Concourse in Mott Haven — a residential neighborhood in the southwestern section of the Bronx that borders the Harlem River — the developments will add two 14-story glass-encased residential towers into the borough. Together, the two developments will span 348,000 square feet and include 405 units, 136 parking spaces, and 5,100 square-feet of recreation space for residents.
Both buildings will be near the 138th Street-Grand Concourse train station that provides easy access into Grand Central Terminal in Midtown Manhattan. The development is also near Bruckner Boulevard, one of the main thoroughfares of expressway activity across the Bronx.
Brian Pascus can be reached at bpascus@commercialobserver.com
