YS Developers has received a $63 million loan to finance the construction of 322 Grand Concourse in the Bronx, N.Y. SCALE Lending arranged the financing for the developer. Located in the Mott Haven neighborhood, 322 Grand Concourse will be a 14-story, 151-unit multifamily structure 135,000 square feet in size.
Slated for completion in two years, the building will be part of the Affordable NY program, in which 30 percent of the units are earmarked for affordable housing. In addition, it is part of the Brownfields Cleanup Program.
The loan follows on the heels of SCALE’s $59 million loan for The Enclave in East Harlem, and its $55 million loan for the Nova in Long Island City. SCALE and its affiliates have originated more than $1 billion in loans during the past 18 months.
Two months ago, a joint venture of Olshan Properties and O’Connor Capital Partners broke ground on Parkchester Gardens, an affordable senior community in the Bronx.
STEADY RECOVERY
In a statement, SCALE Lending and Slate Property Group noted the company was excited about providing lending, given the steady recovery of the multifamily sector, as well as an interest in the Bronx that has remained consistent and strong during the pandemic months. Interest by developers and renters in the Mott Haven enclave has been especially strong, and has led to rapid property price appreciation.
Renters at 322 Grand Concourse will have convenient access to Manhattan via the 4 and 5 subway lines at 138thStreet and Grand Concourse, as well as the 2 subway line at 149th Street and Grand Concourse. Yankee Stadium is a short subway ride away.
