Scale Lending Provides $46M Bridge Loan on Brooklyn Rental Property
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.
Namdar Group scores $243M in financing for Jersey City rentals
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.
Developer Secures $160M For 9 Homestead Place At 618 Pavonia Avenue In Jersey City, New Jersey
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.
Scale Lending Provides $142M Construction Loan for 521-unit Queens Multifamily
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.
SCALE Lending Provides $195M for Downtown Miami Resi Development
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.
Slate lends $137M on W’burg rental development
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.
SCALE Lending Supplies $87M Loan for Williamsburg Multifamily Project
Goose Property Management has snagged $86.7 million of financing for the acquisition and construction of multifamily development at a former Key Food site in Williamsburg, Brooklyn, Commercial Observer has learned.
SCALE Lending provided the debt package for the 175,000-square-foot project at 575 Grand Street, which will include 186 new units with 30 percent set aside as affordable housing under the Affordable New York program. The financing was arranged by Henry Bodok of Galaxy Capital.
SCALE Lending Provides $55M Construction Loan for Brooklyn Apartments
Hope Street Capital has secured a $55 million construction loan to build a new multifamily development in Crown Heights, Brooklyn, Commercial Observer has learned.
SCALE Lending supplied the debt package for Hope Street’s 158-unit project planned for 959 Sterling Place. Walker & Dunlop arranged the financing.
Slate lends Rabsky $72M for Fort Greene multifamily project
Rabsky Group is ready to roll at 240 Willoughby Street.
The secretive developer led by Simon Dushinsky secured a $72 million construction loan from SCALE, the lending arm of Slate Property Group.
Rabsky will use the money to construct a 30-story, 300-unit multifamily building near Fort Greene Park. It also plans to renovate an existing 21-story apartment project with 189 units.
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.