SCALE Lending, a Slate Property Group affiliate, has closed on a $48 million construction loan for 64 Centre Street in New Rochelle.
The loan will finance ground up construction of a new 144-unit mixed-use building by Allstate Ventures.
“We are happy to be expanding our geographical boundaries and into another high-quality market and asset. The high demand and low supply for quality residential product in New Rochelle was a key driver for us,” said Martin Nussbaum, Co-Founder and Principal of Slate Property Group. “We’re excited to work with Allstate Ventures, an experienced developer in the New Rochelle area, on a project that will transform the city’s civic center.”
Located within walking distance of both the New Rochelle train station and the Long Island Sound, 64 Centre Street will be a 14-story development. The financing of the deal was arranged by Cushman and Wakefield.