New York-based real estate firm Slate Property Group has launched SCALE Lending to provide up to $750 million in transitional and bridge loans to real estate operators and sponsors in the New York City area.
The company will target non-institutional developers that typically do not have access to traditional bank financing. SCALE Lending will seek to originate a variety of loans types, including land loans, construction loans, and condominium inventory loans.
“Launching SCALE allows us to provide targeted loans to a wide range of real estate projects in New York City. Our knowledge of the local market, industry relationships and experience will enable us to understand borrowers’ needs and help execute their business plans, giving us a tremendous advantage in the marketplace,” said Slate Property Group co-founder Martin Nussbaum.
SCALE Lending also offers in-house development and construction expertise, a rare combination. “There are a lot of pure debt players out there. We expect borrowers will come to us because they know us from our development business, and trust that we will understand their construction budgets and offer certainty of close,” said Nussbaum.
“This is an ideal time to enter the New York City real estate lending market, where each borough has its unique opportunities. We have the flexible capital needed to take advantage of the varied opportunities in each market.”
Aaron Appel of JLL worked on behalf of Slate Property Group to help capitalize this new venture.