Scale Lending, a Slate Property Group affiliate, on Thursday said it closed on a $71 million construction loan to finance ground-up construction in the Little Ferry neighborhood of Bergen County.
Located at 110 Bergen Turnpike, the property is within walking distance of community parks and shopping venues, as well as the Hackensack River. The new, two-building, multifamily development will contain 294 units. The financing of the deal was arranged by Greystone.
“Deals like 110 Bergen Turnpike demonstrate Scale’s ability to adapt quickly to expanding markets as we continue our strong growth throughout the New York metropolitan area. This deal is the latest in a series of promising opportunities as we build upon our presence in new and exciting markets,” said Martin Nussbaum, co-founder and principal of Slate Property Group.
Scale Lending is one of the most active lenders in the New York metropolitan market for construction financing; this latest loan closing adds to the greater than $1 billion lent over the last 18 months.