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Slate Property Group gets $210M loan for portfolio of homeless shelters
JP Morgan Chase refinances collection of social services properties
From left: Slate Property Group’s Martin Nussbaum and David Schwartz along with 427 West 52nd Street and 62 Hanson Place (Getty, Google Maps, The Real Deal, Slate Property Group)
Slate Property Group nabbed a $210 million refinancing from JP Morgan Chase for a sprawling portfolio of homeless shelters and social services offices.
Among the properties is the Salvation Army rehab center at 62 Hanson Place in Brooklyn and the adjacent lot, which Slate Property Group bought for $43 million two years ago.
Another was a homeless shelter at 427 West 52nd Street in Manhattan, which Slate refinanced with a $126 million collateral loan when it bought the Salvation Army property. The lender was also JP Morgan.
Other buildings in the refinanced portfolio include 1851 Phelan Place, 1732 Webster Avenue and 360 East 193rd Street in the Bronx; 85-15 101st Avenue in Queens; 141 West 144th Street, and three units at 161 Lexington Avenue in Manhattan, and 399 Third Avenue in Brooklyn.
A business called Narco Freedom operates at 1851 Phelan Place in the Bronx, according to Yelp, but it was a men’s shelter in 2018. The Third Avenue address in Brooklyn houses a Praxis Housing Initiatives shelter, and 161 Lexington Avenue is the site of The Hotel @ New York City, where Bowery Residents Committee has operated a shelter for men and women.
Slate’s principal and co-founder David Schwartz told The Real Deal in the summer of 2020, at the height of the pandemic, that the firm wanted to focus on affordable housing, including temporary apartments for homeless people, given New York City’s growing need.
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Slate spent roughly $320 million acquiring and developing at least 10 homeless shelters or supportive housing addresses over the next several years, with properties in every borough but Staten Island.
Stephen Krasman, Slate’s chief operating officer, signed for the new loan. Chase served as the lender for the latest debt with Jessica Wong as the authorized signatory.
Slate and its press representatives did not immediately respond to requests for comment.
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