Developer Secures $135 Million Loan for 261-315 Grand Concourse in Mott Haven, The Bronx
Developer Beitel Group has secured a $135 million construction loan to complete two adjacent residential projects at 261 and 315 Grand Concourse in Mott Haven, The Bronx. Designed by S. Weider Architect PC, the 14-story structures will span a combined 348,000 square feet and yield 405 rental units in studio to two-bedroom layouts, as well as 136 parking spaces and a 5,100-square-foot shared recreation space. The buildings will rise from a triangular parcel bound by East 138th Street to the south, Grand Concourse to the east, and Walton Avenue to the west.
The 24-month whole-term loan, issued by SCALE Lending and arranged by Landstone Capital, comes with two six-month extension options. Since purchasing the sites in April 2022, the Beitel Group has demolished the existing buildings and completed excavation work.