Bentley Zhao’s New Empire lands $45M loan for LIC condos

Slate is the lender

New York /
Jun.June 04, 2018 08:00 AM

37-14 34th Street in Long Island City, Martin Nussbaum, Bentley Zhao, and David Schwartz

Bentley Zhao’s New Empire Real Estate Development landed a $45 million construction loan for its Long Island City condominium project from Slate Property Group’s new lending arm, SPG Capital Partners.

New Empire plans to build a 115,000-square-foot project at 37-14 34th Street. The company is an extremely active developer throughout the city, with condo projects on the Lower East Side, Midtown West, and several in Brooklyn.

Martin Nussbaum and David Schwartz’s Slate launched its lending platform in February, with a goal of issuing $500 million in loans this year. With the latest deal, it has issued $150 million in loans, the company said, including a condo inventory loan for $87 million and another $19 million loan to finance Solomon Feder’s acquisition of a development site at 45-57 Davis Street, also in Long Island City.

In March, Slate bought a nearby development site at 37-11 30th Street for $33.3 million. The company is close to a deal to buy the Biltmore apartment tower in Manhattan with GreenOak Real Estate for more than $250 million. GreenOak is also Slate’s capital partner on RiverTower, a large rental building in Midtown East.


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Clockwise from top: David Bistricer of Clipper Equity, Joseph Chetrit a rendering of the Gramercy Square condominium and Robyn Sorid of G4 Capital Partners (Photos via Clipper Equity, Getty, VUW, G4)

Chetrit, Bistricer’s Gramercy Square condo lands $207M loan

Chetrit, Bistricer’s Gramercy Square condo lands $207M loan
One Madison Avenue and Marc Holliday (Photos via SL Green)

SL Green snags $1.25B construction loan for One Madison Avenue

SL Green snags $1.25B construction loan for One Madison Avenue
11 Penn Plaza and 120 Wall Street (VNO, Wikipedia Commons)

Manhattan’s top real estate loans post second best month since March

Manhattan’s top real estate loans post second best month since March
Square Mile Capital CEO Craig Solomon and The Real Deal's Hiten Samtani

WATCH: “It’s going to take longer, and it’s going to cost more”: Craig Solomon on the real estate capital stack

WATCH: “It’s going to take longer, and it’s going to cost more”: Craig Solomon on the real estate capital stack
OneTitle's Seth Brown (iStock)

OneTitle set out to change the title industry. Now it’s out of business

OneTitle set out to change the title industry. Now it’s out of business
The Scribner Building at at 597 Fifth Avenue and Joe Sitt of Thor Equities (Wikipedia Commons)

Thor delinquent on $105M loan at 597 Fifth

Thor delinquent on $105M loan at 597 Fifth
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...