Beitel Group has scored $305 million in financing to support the development of its two-tower multifamily project in the Mott Haven neighborhood of the Bronx in New York.
The construction loan carries an 18-month term, with the option for two additional six-month extensions. The financing was issued by Slate Property Groups' SCALE Lending and arranged by Landstone Capital Group.
The project, located at 355 Exterior Street, first began construction in December 2024. The site is within walking distance of Bruckner Boulevard and the 149th Street Grand Concourse subway station, which can get residents to Grand Central Station in Manhattan.
Once completed, the Bronx project is set to consist of one 40-story and another 26-story building, taking up a total of 515,000 square feet. There will be 755 units offered, which will range from studios to two-bedroom rentals.
Some additional features will include 11,500 square feet of retail space, 194 parking spots, a gym, an outdoor pool, a golf simulator, an outdoor terrace, a pickleball court, a coworking area, a children's room and a party room.
Martin Nussbaum, co-founder and principal at Slate, spoke on the site location's impressive fundamentals.
“The Mott Haven submarket of New York City has seen tremendous growth over the last five years. 355 Exterior Street will be the most premier residential property with irreplaceable waterfront access," he said in a statement.
"We’ve found a winning combination of expertise by teaming up with the Beitel Group, an experienced developer with multiple assets in the Mott Haven market."
SCALE has been involved in a few recent residential deals in Mott Haven. For example, it provided $150 million for 450-unit 120 East 144th Street and $135 million for 261 and 315 Grand Concourse, featuring a total of 405 units. All three of these are in Beitel Group's property portfolio.
In broader NYC, SCALE has also remained active, issuing $166 million for a 367-unit development in Brooklyn. Beitel Group's real estate portfolio also extends to the Southeast and Midwest, managing a total of $3 billion in assets.
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