NEW YORK CITY — SCALE Lending, the debt financing arm of Slate Property Group, has provided Beitel Group a $305 million construction loan for an unnamed development at 355 Exterior St. in the Mott Haven neighborhood of South Bronx. Landstone Capital Group arranged the financing.
The community will consist of two connected 40-story and 26-story residential towers totaling 515,000 square feet with 755 units. The Beitel Group demolished the existing buildings and completed excavation work after entering a contract to purchase the site in October 2024.
Construction began in December 2024 with Prestige Construction serving as the general contractor. The project, which has been vested into New York City’s 421a program, is slated for completion in June 2026. The 421a program requires developers designate 25 to 30 percent of units as affordable in order to receive a property tax exemption. Income caps were not disclosed.
Units will be offered as studios and one- and two-bedroom floor plans. The community also will include an outdoor pool and terrace, a fitness center with a sauna and steam room, a pickleball court, golf simulator and coworking spaces.