YS Developers received a $ 63 million loan to finance the construction of 322 Grand Concourse in South Bronx, New York. SCALE Lending provided financing to the developer. Located in the Mott Haven area, 322 Grand Concourse will be a 14-story, 135,000-square-foot, 151 apartment block.
The construction is scheduled for completion in two years and will be part of the Affordable New York program, in which 30 percent of apartments are dedicated to affordable housing. It is also part of the Brownfields cleanup program.
The loan follows a $ 59 million SCALE loan to The Enclave in East Harlem and a $ 55 million loan to Nova in Long Island City. SCALE and its subsidiaries have more than $ 1 billion arose in loans for the last 18 months.
Two months ago, a joint venture between Olshan Properties and O’Connor Capital Partners laid land in Parkchester Gardens, an approachable community of seniors in the Bronx.
In a statement, SCALE Lending and Slate Property Group noted that the company was excited about the lending given the steady recovery in the multi-family sector, as well as interest in the Bronx, which remained stable and strong during the months of the pandemic. The interest of developers and tenants in the Mott Haven enclave was particularly strong, which led to a rapid rise in property prices.
Tenants at 322 Grand Concourse will have easy access to Manhattan on Subway Lines 4 and 5 at 138.th Street and Grand Concourse as well as subway line 2 at 149th Street and Great Hall. Yankee Stadium is a short metro ride away.