Slate Property’s Scale Lending strikes first deal for a Brooklyn resi project

The platform plans to provide up to $750M citywide

New York /
Mar.March 05, 2019 08:00 AM

834 Pacific Street in Brooklyn with Slate’s Martin Nussbaum (Credit: Google Maps)

Scale Lending — a partnership between Slate Property Group and the Carlyle Group — has closed on its first deal in New York.

The platform provided a $35 million construction loan for 834 Pacific Street in Brooklyn, according to the company. Happy Living Development is planning to convert a Prospect Heights rectory into a residential rental project at the site.

The loan is part of Scale’s intent to provide up to $750 million in financing across the city. The firm’s offerings include construction loans and condominium inventory loans. Scale launched at the end of last year. Carlyle is providing the majority of the financing, but Slate has previously declined to quantify the specific split between the two companies.

The company will target non-institutional developers that are typically shut out of traditional bank financing and also offer clients in-house construction and development consulting.

“The deals we’re going to be really focusing on are going to be land loans, ground-up construction — both rental and condo — and condo inventory loans,” Slate co-founder Martin Nussbaum said last year. “I think that’s the space that we think we can add the most value.”

The Prospect Heights development is slated to span 90,000 square feet with 69,000 square feet of residential space divided between 88 apartments. Plans also call for 20,000 square feet of community facility space. Amenities will include a gym and a storage area. It will also have a doctor’s office at the basement.

The proposed project will replace a three-story building that sits within the grounds of Co-Cathedral of St. Joseph. Isaac & Stern Architects is designing the building, according to permits filed with the Department of Buildings.

Last year, Happy Living, headed by Levi Balkany, acquired a distressed Harlem asset that once belonged to Hans Futterman. The company bought the property at 300 West 122nd Street from RWN Real Estate Partners for about $70 million. For years, it was the planned site of a 12-story, 127-unit condo project.


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
Vornado's Steve Roth and a rendering of 93-30 93rd Street (Getty, JLL)
Vornado looks to sell Rego Park development site for $85M
Vornado looks to sell Rego Park development site for $85M
1301 Metropolitan Avenue and 151 East 90th Street (Google Maps)
Industrial, multifamily, retail sales punctuated midsize deals last week
Industrial, multifamily, retail sales punctuated midsize deals last week
With major financial choices to make, Newmark receives $850M infusion
With major financial choices to make, Newmark receives $850M infusion
With major financial choices to make, Newmark receives $850M infusion
BLDG Management founder Lloyd Goldman (iStock)
BLDG plans 800K-sf tower in Long Island City
BLDG plans 800K-sf tower in Long Island City
Gary Barnett and Jay and Stuart Podolsky in front of 1645 First Avenue (Getty, Google Maps)
Gary Barnett site has one problem: the Podolsky brothers
Gary Barnett site has one problem: the Podolsky brothers
Oceanwide’s US business is sinking. Can it right the ship?
Oceanwide’s US business is sinking. Can it right the ship?
Oceanwide’s US business is sinking. Can it right the ship?
arrow_forward_ios

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

Loading...