Mass Development has secured a $45 million construction loan from SCALE Lending, a subsidiary of Slate Property Group, for the development of a residential complex in Harlem. The loan is for a term of 30 months, is variably-priced, and includes two extension options of six months each. The construction project involves the development of an eleven-storey condominium complex at 264-272 West 135th Street.
The property, which previously housed two low-rise retail buildings, was acquired last year by Mass Development from Rabina for $9.3 million, as reported by Crain's New York Business. The transaction underscores the continued interest in residential development in sought-after locations across New York.
Martin Nussbaum, co-founder and Principal of Slate Property Group, emphasised the uniqueness of the Harlem market in a statement: “Harlem is one of the tightest housing markets in New York City, where no new project of comparable size or quality has been realised for years and the pipeline remains virtually empty.” This scarce availability creates a rare and attractive investment opportunity.
Negotiations for the financing were led by Arrow Real Estate Advisors, under the direction of Morris Betesh and Omar Ferreira. The project at 264-272 West 135th Street is expected to be completed in summer 2028 and will comprise 72 condominiums, ranging in size from studios to three-bedroom units.
The building will offer extensive amenities on the top floor, including a fitness centre, a lounge, a spa, a children's play area, and a cinema room. The first two floors of the complex are designated for the lobby, 12,000 square feet of retail space, and a 15,000 square feet community space. The latter has already been leased to an unnamed daycare operator. The property's location directly on Frederick Douglass Boulevard, approximately one and a half blocks east of St. Nicholas Park, provides excellent connectivity. Mass Development has not yet responded to requests for comment.
