NEW YORK CITY — SCALE Lending, the debt financing arm of Slate Property Group, has provided a $135 million construction loan for 261 Grand Concourse and 315 Grand Concourse, two adjacent buildings currently underway in the Mott Haven neighborhood of The Bronx. Both sites have been vested into New York’s 421a tax abatment program.
Once completed in late 2025, the two buildings will rise 14 stories and comprise 405 units altogether. Apartments will come in studio, one- and two-bedroom layouts. The property will also feature 136 parking spaces and a 5,100-square-foot shared recreation space.
Landstone Capital arranged the 24-month loan on behalf of the developer, Beitel Group. The developer acquired the sites in April 2022 and subsequently demolished existing structures. Prestige Construction will serve as the general contractor for the project.