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Scale Lending issues $150m construction loan to Beitel Group for new residential project in the Bronx
Transactions - APRIL 8, 2024

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Scale Lending issues $150m construction loan to Beitel Group for new residential project in the Bronx

by RELEASED

SCALE Lending, the debt financing arm of Slate Property Group, announced that it has issued a $150 million construction loan for Beitel Group’s 13-story, 450-unit multifamily project located at 120 East 144th Street in the Bronx’s Mott Haven neighborhood.

The Beitel Group, a family-owned real estate investment and development firm founded by Ben Beitel, will utilize the funds to complete construction of the 289,000-square-foot asset.  The loan was arranged by Landstone Capital Group and is being deployed mid-construction. Prestige Construction NY will serve as the general contractor for the project, which is set to be completed in mid-2025.

“The need for multifamily in New York City’s residential neighborhoods continues to grow, and new housing projects like 120 East 144th Street are critical in helping meet that demand,” said Martin Nussbaum, co-founder and principal at Slate Property Group. “We’re thrilled to continue bringing new inventory online and

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