SCALE Lending announced the closing of a $35 million construction loan for a residential development project at 834 Pacific Street in Prospect Heights, Brooklyn.
The loan is an example of the general platform of SCALE, which will provide up to $750 million in transitional and bridge loans to real estate operators and sponsors in the New York City area.
Slate Property Group launched SCALE in the fourth quarter of 2018.
“Overall, our ability to work with the borrower on a complex capital structure and satisfy their needs with a quick closing was what enabled us to make this deal. We believe our strategy will help facilitate borrower’s in effectively and creatively capitalizing their transactions,” said SCALE co-founder Martin Nussbaum.
The borrower, Happy Living Development, converting the former rectory at 834 Pacific into a residential complex.