SCALE Lending Issues $305M Loan for Mott Haven Multifamily

SCALE Lending Issues $305M Loan for Mott Haven Multifamily
News| July 21, 2025| Paul Bubny
New York & Tri-State + Apartment Buildings

SCALE Lending, the debt financing arm of Slate Property Group, issued a $305-million construction loan for a new multifamily project located at 355 Exterior St. in the South Bronx’s Mott Haven neighborhood. The Beitel Group will utilize the funds for the ground-up construction of connected 40-story and 26-story residential towers totaling 755 rental units. Landstone Capital Group arranged the 18-month whole-term loan, which is followed by two six-month extension options.

“The Mott Haven submarket of New York City has seen tremendous growth over the past five years,” said Martin Nussbaum, co-founder and principal at Slate Property Group. “We’ve found a winning combination of expertise by teaming up with the Beitel Group, an experienced developer with multiple assets in the Mott Haven market.”

In Mott Haven, SCALE has previously issued $135 million for 261 and 315 Grand Concourse as well as $150 million for 120 E. 144th St., working with the same team of Beitel Group and Prestige Construction. 

Rendering courtesy of The Beitel Group.

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