News

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.

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.

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.

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 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, 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.

Capodagli Property Company has landed $71 million of construction financing to build a new multifamily property in northern New Jersey, Commercial Observer has learned.

Scale Lending, the financing arm of Slate Property Group, supplied the loan, which will finance ground-up construction of the 294-unit 110 Bergen Turnpike development in Little Ferry, N.J. The transaction was arranged by Greystone Capital Advisors’ Drew Fletcher, Bryan Grover, and Miryam Reinitz-Kops.