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.
