Slate Property Group Closes $1B Separately Managed Account for Secured Residential Loans
Slate Property Group said Friday it has closed on a new Separately Managed Account (SMA) with up to $1 billion of capital dedicated to sourcing and originating lower-leverage senior secured residential construction and bridge loans. Loans for residential developments in high-growth, transit-oriented East Coast markets will be the primary focus.
“The new SMA complements and further diversifies our range of loan offerings across the capital stack and is a logical next step in our company’s continued evolution,” said Martin Nussbaum, co-founder and principal of Slate. “With this additional offering on the debt side, we look forward to being able to serve even more borrowers and continuing to catalyze new residential growth.”
The SMA’s inaugural investment was a $45-million senior-secured construction loan for a new residential project located at 264-272 W. 135th St. in Harlem (pictured). The loan closed in July, helping to fund the ground-up construction of an 11-story, 72-unit building by Mass Development.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout