The Beitel Group is once again leaning on Slate Property Group’s lending arm to finance a project in the Bronx.
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Scale Lending provided a $305 million loan to Beitel for its project at 355 Exterior Street in the borough’s Mott Haven section, The Real Deal can first report. The loan will finance ground-up construction for the two-building, 515,000-square-foot development.
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Beitel entered into contract to purchase the property in October from an entity tied to Lightstone Group, which acquired the property the year before the pandemic for $28.3 million. The developer has already demolished the existing buildings on the site and launched construction in December. It’s unclear how much Beitel agreed to pay for the site.
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Landstone Capital arranged the 18-month whole-term loan, which includes two six-month extension options.
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The project will consist of connected 40-story and 26-story buildings. Layouts for the units will span from studio apartments to two-bedroom homes. The development will include nearly 200 parking spaces, more than 11,000 square feet of retail space and residential amenities such as an outdoor pool, outdoor terrace, a gym with sauna and steam room, a pickleball court, a golf simulator, a co-working area, a party room and a children’s room.
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At least 25 percent of the units will be affordable, as the project qualified for the 421a program, according to Scale. Completion of the project is slated for June.
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This is familiar ground for Scale and Beitel. Last year, Scale provided $150 million to Beitel for a 450-unit multifamily project at 120 East 144th Street, also in Mott Haven. In the same neighborhood, Scale also issued a $135 million loan for 261 and 315 Grand Concourse.
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Mott Haven’s in the midst of a real estate moment. Last summer, Arian Liton filed plans for a 99-unit mixed-use project at 36 Bruckner Boulevard. RXR and Brookfield are among the significant names to also get involved in the South Bronx’s hottest neighborhood, situated across from the Harlem River.
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In the past year, Scale has issued more than $1.5 billion in loans.