SCALE Lending, the debt financing arm of Slate Property Group, announced that it has issued a $305 million construction loan for a new multifamily project located at 355 Exterior Street in Mott Haven, Bronx, New York.
Led by Ben Beitel, the Beitel Group will utilize the funds for the ground-up construction of connected 40-story and 26-story residential towers totaling 515,000 square feet and 755 rental units. Landstone Capital Group arranged the 18-month whole-term loan that is followed by two six-month extension options.
The Beitel Group demolished the existing buildings and completed excavation work after entering a contract to purchase the site in October 2024. Construction commenced in December 2024 with Prestige Construction NY serving as the general contractor.
Upon completion, the Beitel Group plans to lease all 755 units that range in format from studios to 2-bedroom residences. The site also includes 194 parking spaces, 11,500 square feet of retail space and a premium resident amenity package including an outdoor pool, large outdoor terrace, gym with sauna and steam room, pickleball court, golf simulator, co-working area, party room and children’s room. The property is located along the Harlem River where residents will benefit from unobstructed views of Upper Manhattan.
“The Mott Haven submarket of New York City has seen tremendous growth over the last five years. 355 Exterior Street will be the most premier residential property with irreplaceable waterfront access. We’ve found a winning combination of expertise by teaming up with the Beitel Group, an experienced developer with multiple assets in the Mott Haven market,” said Martin Nussbaum, Co-Founder and Principal at Slate Property Group.
“SCALE’s strong momentum is continuing, as illustrated by over $1.5 billion in closings over the past year and with a growing portfolio of projects throughout the United States.”
In Mott Haven, SCALE has previously issued $135 million for 261 and 315 Grand Concourse as well as $150 million for 120 East 144th Street, working the same team of Beitel Group and Prestige Construction. Other recent financings include $166 million for a 367-unit project in Brooklyn at 280 Bergen Street; $105 million for a 346-unit project in Miami at Metro Parc South; and $79 million for the Bath & Racquet Residences in Sarasota, Florida.
“In a financial market dominated by restrictive lending conditions, our established local relationships, development expertise and track record of successful deal closures has proven an invaluable asset,” said Daniel Ridloff, Managing Director of SCALE.
355 Exterior Street is a short walk from the 149th Street Gand Concourse subway station which services the 2, 4 and 5 trains, offering quick access to Grand Central Station. Residents are a 10-minute walk from Bruckner Boulevard and will enjoy convenient access to Mott Haven’s main hub for restaurants and retail as well as the newly developed Waterfront and Bankside Park.
