Bronx Multi-Family Development with Affordable Units Secures $ 63 Million Loan
Simon Kaufman’s YS developers have secured a $ 63 million construction loan for a 14-story, 151-unit residential development in the Bronx.
Scale Lending, the financing arm of Slate Property Group, provided the developer with financing for the 135,000 square foot project at 322 Grand Concourse in Mott Haven, the lender said. The real deal.
Martin Nussbaum, co-founder of Slate Property Group and Scale Lending, said the loan will help provide housing in a Bronx market that has maintained high demand even during the pandemic. The lender also recently provided a $ 59 million construction loan for a 113-unit multi-family development in East Harlem, just across the Harlem River from Mott Haven.
Kaufman recently received new planning permission for the Mott Haven apartment project, which includes a screening room, golf simulator, pet spa and recreation room, according to plans filed with the city. .
The development is located in a census tract that has been designated as an Opportunity Zone, allowing investors to defer taxes on capital gains from previous transactions. It was not clear if the developer was using qualified opportunity funds for development. An effort to reach Kaufman was unsuccessful.
The lender said the development was part of the Affordable New York program, with 30% of the units to be reserved for affordable housing. The program – the successor to 421a – offers significant tax breaks for the construction of new apartments.