Month: January 2024

KD Sagamore and Ranger Properties have secured $46 million in bridge financing for Arris Grand, a recently completed multifamily development in Brooklyn’s Clinton Hill neighborhood, Commercial Observer has learned.

Slate Property Group’s debt financing arm, SCALE Lending, provided the bridge loan. The $46 million in financing is expected to pay off the final construction costs of the project and also go toward stabilizing the property during lease-up.

Joel Namdar’s Namdar Group nabbed $243 million in financing for two rental buildings in Jersey City’s Journal Square as construction in the neighborhood takes off.

The Great Neck-based developer scored a $160 million construction loan for its 27-story tower at 626 Newark from SCALE Lending. The building will have 576 units, 9,915 square feet of street-level retail and 17,747 square feet of office space. It is expected to be completed in 2026.