SCALE funds $68M construction loan for new Brooklyn development
SCALE Lending has completed a $68.5 million construction loan to finance the ground up construction of 210 Clarkson Street in Prospect Lefferts Gardens, Brooklyn.
The 165,000-gross-square-foot development will rise eight stories and contain 165 residential units and ground floor retail, which will be leased to a grocery store.
This loan marks the latest closing for SCALE Lending, a Slate Property Group affiliate, with more than $1.25 billion lent over the last 18 months.
Namdar Group Closes On $96M Financing Package To Complete 26 Van Reipen Avenue In Jersey City
Namdar Group, a family-owned developer based in New York City, has closed on a $96 million financing package to complete a new high-rise residential building in Jersey City. The property is located at 26 Van Reipen Avenue and will eventually support a 27-story building with 235 rental apartments and ground-floor retail.
The financing package was provided by SCALE Lending and arranged by Greystone. Those funds will support construction costs for 26 Van Reipen Avenue and the acquisition of 400,000 square feet of fully entitled land at 626 Newark Avenue. Both properties are located within Homestead Place, Namdar Group’s seven-building master development that will eventually comprise over 2.1 million square feet.
