News

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.

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SCALE Lending, the debt financing arm of Slate Property Group, has finalized a $75 million bridge loan to Capodagli Property Company, a family-owned real estate development and management firm based in New Jersey. The financing will support the completion, lease-up, and stabilization of 110 Bergen Turnpike, a two-building development in Little Ferry, New Jersey. The project was designed by CPA Architecture.

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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.

David Bistricer’s Clipper Equity landed a nine-figure loan for its seven-story multifamily project in Flatbush.Scale Lending, the debt financing division of Slate Property Group, provided $140 million in construction financing to Clipper for a development at 2366 Bedford Avenue in the Brooklyn neighborhood, the firm announced. Landstone Capital Group’s Leah Paskus arranged the financing.

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.

Namdar Group has closed on a $160 million bridge loan for 9 Homestead Place, a 27-story residential tower at 618 Pavonia Avenue in Jersey City.Designed by C3D Architecture, the structure will yield 432 rental apartments, 10,000 square feet of ground-floor retail space, a 21,000-square-foot office component, and a collection of amenity spaces.

SCALE, the lending offshoot for Slate Property Group, provided the financing and Greystone Capital Advisors brokered the deal.While the building was completed this spring, the bridge loan will be used to fund lease-up and stabilization.

Sutphin Boulevard Equities, a development entity owned by New York City real estate financier Joel Zupnick, has secured $142 million in construction financing to complete a 521-unit multifamily building in Jamaica, Queens, Commercial Observer has learned.

SCALE Lending, the debt financing business of Slate Property Group, provided the floating-rate loan, which has a 30-month term and two six-month extension options. Steve Hersko of SHB Group arranged the financing on behalf of the sponsor.

The Namdar Group has secured a $195 million loan for the acquisition and construction of Namdar Towers in Downtown Miami, Commercial Observer has learned.

Slate Property Group affiliate SCALE Lending provided the loan. Greystone Capital Advisors brokered the deal with a team led by Drew Fletcher and Bryan Grover.

The investor group that bought The Collective’s development site in Williamsburg landed a $137 million loan to finance the project. The Loketch Group, the Joyland Group and Meral Property Group secured the capital from Slate Property Group’s lending arm, SCALE Lending, to finance the acquisition and construction of 555 Broadway.