Beitel Group Lands $150M for Bronx Project
The property will comprise 450 units across 13 stories.
The Beitel Group has secured a $150 million construction loan for a 450-unit multifamily project in the Bronx, N.Y. SCALE Lending, the debt financing branch of Slate Property Group, provided the funds. Completion is expected by mid-2025.
Landstone Capital Group CEO Leah Paskus arranged the loan, which is being deployed mid-construction. S. Wieder Architect PC designed the project and Prestige Construction NY serves as general contractor.
The developer bought the site in 2022 for $42 million, The Real Deal reported. The existing structure has been demolished, as work started on the community earlier this year. If the project is completed by the June 2026 deadline, it will qualify for a 421a tax abatement, according to the same source.
The 289,000-square-foot building will rise 13 stories and comprise studio, one- and two-bedroom floorplans, with select units having private terraces. Common-area amenities are slated to include a fitness center, coworking space, music room and business lounges, along with a rooftop lounge and 149 underground parking spaces.
Located at 120 E. 144th St., within Bronx’s Mott Haven neighborhood, the site is near the Harlem River and close to Interstate 87. It is also within walking distance of the Lincoln Medical Center, as well as public transit options such as the 14 St-Grand Concourse metro station.
SCALE Lending bullish on northeastern markets
This loan brings SCALE’s closing volume to nearly $600 million so far in 2024. Recently, the company provided $140 million to developer Clipper Equity for the construction of a 354-unit community in Brooklyn. The property is slated for completion by 2025’s third quarter and is one of the last projects benefiting from the expired 421a tax program.
In January, the Namdar Group secured two loans totaling $243 million from SCALE Lending. One $160 million loan is meant for the construction of a 579-unit community in Jersey City, N.J. The other note amounts to $83 million, functioning as a bridge loan for a recently completed 27-story tower in the same metro.
