NEW YORK CITY — SCALE Lending, the debt financing subsidiary of Slate Property Group, has provided a $142 million loan for the construction of a property at 147-35 95th Ave. in the New York City borough of Queens. The project sponsor, Joel Zupnick through Sutphin Boulevard Equities LLC, will use the funds to complete construction, lease-up and stabilization of the asset.
The development is slated to deliver in in summer 2024. The building comprises 521 units, 363 parking spaces and 1,231 square feet of retail space across 24 stories in the Jamaica neighborhood of Queens. Units will come in studio, one- and two-bedroom floor plans. Amenities include a gym and yoga room, children’s playroom, business center and conference rooms, rooftop lounge, game room, theater room and TikTok room.
Steve Hersko of SHB Group arranged the 30-month floating-rate loan, which includes two six-month extension options. Heartfelt Townhouse Builders is the general contractor for the project. Thorton Tomassetti is the structural engineer. J Frankl Architects designed the building.