December 9, 2020
Scale Lending, an investment affiliate of Slate Property Group, recently closed on a $38-million inventory loan for the unsold units at 269 W. 87th St., a newly built full-service luxury condominium building on the Upper West Side.
The borrower, Simon Baron Development Group, is an experienced New York-based development firm known for its track record pursuing value-add investment strategy since 1990.
“Simon Baron is a repeat borrower of ours, and we fully support their ability to execute,” said Martin Nussbaum, co-founder at Slate Property Group/Scale. “Despite many lenders sitting on the sideline, Scale is actively originating loans, maintaining a focus on transitional assets, including construction, reposition, land and condominium inventory, as well as buying or financing existing loan positions.”
Scale and its affiliated entities have financed $500 million-plus in deals over the past 18 months. The platform is set to close another $200 million within the next 60 days.
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