Scale Lending, the debt financing arm of Slate Property Group, has issued a $305 million construction loan for a new multifamily project located at 355 Exterior Street in Mott Haven, Bronx, N.Y.
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. The project, which has been vested into the 421a program, is slated for completion in June 2026.
Upon completion, the Beitel Group plans to lease all 755 units, which range in format from studios to two-bedroom re
