Namdar Group has scored a $120 million construction loan to fund a multifamily project in Jersey City, N.J., Commercial Observer has learned.
SCALE Lending, the financing arm of Slate Property Group, provided the debt in a transaction negotiated by Matthew Hirsch and Bryan Grover of Greystone Capital Advisors.
Scale Lending recently provided a $38 million inventory loan for more than two dozen unsold units at a luxury condominium on the Upper West Side. The borrower is Simon Baron Development Group, who, along with Quadrum Global, developed the Chamberlain, a 38-unit condo building at 269 West 87th Street.
Scale Lending — a partnership between Slate Property Group and the Carlyle Group — has closed on its first deal in New York. The platform provided a $35 million construction loan for 834 Pacific Street in Brooklyn, according to the company. Happy Living Development is planning to convert a Prospect Heights rectory into a residential rental project at the site.
Scale Lending, the lending arm created in late 2018 by Slate Property Group and Carlyle Group, has provided $44 million to Philadelphia-based Arden Group for the firm to acquire a development site in Upper Manhattan, Commercial Observer has learned.
JMH Development and Mettle Property Group have scored $56 million in financing to develop a 143-unit multifamily building in Long Island City, Queens, Commercial Observer has learned.