$45M Loan Finances Construction of Harlem Condo High-Rise
SCALE Lending, the debt financing arm of Slate Property Group, has issued a $45-million senior-secured construction loan for a new multifamily project located at 264-272 W. 135th St. in Harlem. The sponsor, Mass Development, will use loan proceeds for the ground-up development of an 11-story residential condominium building. Arrow Real Estate Advisors’ Brandon Serota & Will Farrell represented the borrower.
The floating-rate loan runs for 30 months, with two six-month extensions. The project is set for completion in the summer of 2028.
“Mass Development had a compelling vision for this site, and the UAP density and HPD process demanded a lender with real conviction in ground-up condo construction and the sophistication to underwrite through the regulatory complexity,” said Serota. “We’re proud to have partnered with SCALE Lending to deliver a structure that kept the sponsor’s business plan and construction timeline intact, and we look forward to watching this project contribute to Harlem’s continued growth.”
Where the apartment industry connects. Meet the owners, investors, developers, lenders, brokers, and service providers driving today’s multifamily market at Connect Apartments. Build relationships, uncover opportunities, and stay ahead of what’s next.
Other News
JLL Arranges Financing for Lightstone Acquisition on Upper West Side
JLL Capital Markets arranged acquisition financing for Lightstone’s purchase of 323 W. 96th St., a 174-unit multifamily property on Manhattan’s Upper West Side. Senior managing director Peter Rotchford and managing director Michael Shmuely worked on behalf of Lightstone to secure the financing from MF1, a wholly owned subsidiary of Berkshire Residential Investments. Lightstone is acquiring...
Learn more
National City Investment Group Commences Workforce Housing Build
The National City Investment Group, a locally owned, privately held real estate investment company, recently broke ground on Market View, a 120-unit multifamily residential community located at 303 Highland Ave. in National City. The development will transform an underutilized parking lot adjacent to Manolo Farmers Market, which has served National City for more than 33...
Learn more
Levin Johnston Closes Apartment Sale in One of San Jose’s Strongest Submarkets
Levin Johnston of Marcus & Millichap recently completed the sale of First Street Manor, a 39-unit apartment community in San Jose. Executive managing directors Adam Levin and Robert Johnston, along with senior director, investments Cole Simpson, represented the seller and procured the buyer in the $9.112-million transaction. The Levin Johnston team demonstrated the asset’s upside...
Learn more
Brokers
View All-
Remax Real Estate Professionals
Re/Max Real Estate Professionals
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Greg Corbin
Northgate Real Estate Group
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout