SCALE Lending, a Slate Property Group affiliate, has closed on a $65.9 million construction loan to finance the ground up construction of a residential project at 26-25 4th Street in Astoria, Queens
Located within walking distance of Hallets Point and Astoria Park, 26-25 4th Street will be a new 165-unit residential building, 30 percent of which will be affordable housing. Bruman Realty, the development and investment firm led by Joseph Brunner and Abe Mandel, is the developer of the 19-story property. The financing was arranged by The SHB Group.
Bruman Realty bought the site from Goodwill Industries for $14.4 million in November 2020, according to property records.
“We’re very excited to work with Bruman Realty, a prolific and experienced developer in the New York City area, on a project that will provide much-needed housing to a growing submarket of Queens,” said Martin Nussbaum, Co-Founder and Principal of Slate Property Group. “We continue to focus our efforts on high quality locations and assets with projects we feel will be successful. This is another example of how we were able to work efficiently on a complex transaction while providing a valuable financing solution for our borrower.”
SCALE Lending is Slate’s lending affiliate that directly provides first mortgage financing secured by commercial real estate assets with a focus on senior transitional loans secured by commercial mortgages in the New York Metropolitan area.