Scale Lending, an investment affiliate of Slate Property Group, has funded a $38 million inventory loan to Simon Baron Development for 25 unsold units at 269 West 87th Street.
“Simon Baron is a repeat borrower of ours, and we fully support their ability to execute,” said Martin Nussbaum, co-founder at Slate Property Group/SCALE.
“Despite many lenders sitting on the sideline, SCALE is actively originating loans, maintaining a focus on transitional assets, including construction, reposition, land and condominium inventory, as well as buying or financing existing loan positions.”
Over the summer, The Real Deal reported Simon Baron and Quadrum Global were offering a bulk buyer 10 percent discount on the 25 remaining units at building, known as the Chamberlain.
