Martin Nussbaum’s SCALE Lending has provided a $63 million loan to YS Developers for the construction of a new Bronx apartment building.
Led by Simon Kaufman, YS Developers is planning a 14-story, 151 unit multifamily development at 322 Grand Concourse in the Mott Haven neighborhood.
“We are excited to provide a strategic financing solution for 322 Grand Concourse as we continue our push to deliver construction lending amid New York City’s post-Covid recovery,” said Nussbaum.
The loan will support the delivery of 322 Grand Concourse at a time when Mott Haven continues its rapid appreciation. The building, projected to be completed in two years, will be part of the Affordable NY program, with 30 percent of the units slated for affordable housing. The property is also part of the Brownfields Cleanup Program, which SCALE Lending has experience with and can help the borrower navigate.
The property benefits from easy access to Manhattan through proximity to transportation, including the 4 and 5 subways at 138th Street – Grand Concourse and the 2 subway at 149th Street – Grand Concourse. The development is also a short subway ride from Yankee Stadium.