It took less than a year for the Beitel Group to retire the construction debt at a newly developed Mott Haven multifamily property.
Dwight Mortgage Trust provided a $155 million bridge loan to refinance the 405-unit rental complex at 261 and 315 Grand Concourse in the Bronx, the Commercial Observer reported. The loan comes after Scale Lending in September issued a $135 million construction loan.
The refinancing provides a “significant cash-out” to the developer, according to the Dwight Capital real estate investment trust affiliate.
The development features 283 market-rate units and 122 affordable housing units. It qualified for the city’s Mandatory Inclusionary Housing program, scoring a 35-year tax abatement through 421a, as well as Brownfield tax credits.
Landstone Capital Group’s Pinchas Vogel and Leah Paskus arranged the transaction.
Units do not appear to be available for lease yet. Officials from the developer did not immediately respond to the outlet’s request for comment.
Beitel has been keeping plenty busy in the Bronx this summer.
Last month, Scale — the lending arm of Slate Property Group — issued a $305 million loan to Beitel for its project at 355 Exterior Street, also in Mott Haven. The loan finances ground-up construction for the two-building, 515,000-square-foot development, which will feature 755 units.
Scale last year provided $150 million to Beitel for a 450-unit multifamily project at 120 East 144th Street, also in Mott Haven.
The Bronx neighborhood is having a real estate moment. Last summer, Arian Liton filed plans for a 99-unit mixed-use project at 36 Bruckner Boulevard. RXR and Brookfield are among the other significant names getting involved in the South Bronx’s hottest neighborhood, which is situated across from the Harlem River.
This year, Dwight Mortgage Trust originated $148 million in construction financing for the second phase of Moshe Braver’s multifamily project at 94-15 Sutphin Boulevard in the Jamaica neighborhood of Queens.
Read more
Moshe Braver bags $148M loan for Jamaica multifamily project
Beitel lands another loan from Scale for Mott Haven rentals
Scale lends $150M to Beitel to build South Bronx rental
