SCALE Lending, one of the most active lenders in the New York Metropolitan market for construction financing, today announced it has completed a $87.6 million combined acquisition and construction loan at 575 Grand Street in Brooklyn. The 175,000-square-foot, 9-story development will include 186 new units, 30% of which will be set aside as affordable housing under the Affordable New York program.
This loan marks the latest closing for SCALE Lending, a Slate Property Group affiliate, which has been one of the most active lenders in the market, with more than $1.5 billion in loans closed over the last 12 months. Most recently, SCALE Lending closed on a $137 million loan at 555 Broadway in Williamsburg and a $55 million construction loan at 959 Sterling Place in Crown Heights.
Located in Williamsburg, Brooklyn, 575 Grand St. is a short walk from McCarren Park and multiple subway lines. The developer is Jacob Katz of Goose Property Management, and the financing was arranged by Henry Bodok of Galaxy Capital.
“We’re excited to work with Goose Property Management, whose strong reputation gave us confidence in their ability to perform and execute on this development,” said Martin Nussbaum, Co-Founder and Principal of Slate Property Group. “Despite all the ongoing challenges in the financial markets today, we worked through this loan with a high level of confidence due to this project’s superior location which has very strong supply and demand metrics. There are very few sites in the Brooklyn market that can compete with 575 Grand Street.”
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.
