Scale Lending secures $38 million loan for Simon Baron Development Group

Manhattan, NY Scale Lending, an investment affiliate of Slate Property Group, has closed on a $38 million inventory loan for the unsold units at 269 West 87^th St., a newly built condominium building on the Upper West Side.

The borrower, Simon Baron Development Group, is an experienced NY-based development firm known for its solid 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.”

Slate’s portfolio and knowledge of the Upper West Side market enabled Scale to quickly underwrite the asset’s value, understand the business plan and align its interest with the borrower for an expeditious close.

Tags: Brokerage

Reprint

Previous Story Next Story

CBRE broker $14.9 million sale of Lexington Riverview in Fair Lawn, N.J.

Fair Lawn, NJ Representatives of CBRE, led by Jeffrey Dunne, Stuart MacKenzie, Eric Apfel, Travis Langer, and Eric Greenberg of CBRE Institutional Properties, in partnership with Charles Berger of CBRE Investment Properties,

Carvel, Cinnabon and Auntie Anne’s to open combination location at One Sixteen in Rockaway Park

Investment Property Realty Group closes $2.65 million sale of 723 6th Ave. in Greenwood Heights

IPRG closes $2.65m sale of 723 6th Ave.

CM&B completes 15,000 s/f Activate Games NYC debut in Union Square

Neighborhoods, not apartment complexes, build resilient communities that are safer, healthier, and more prosperous - by Paul Adler

Neighborhoods, not apartment complexes, build resilient communities - by Paul Adler

READ ON THE GO

DIGITAL EDITIONS

Browse Now

Quick Hits

Construction Design & Engineering

Shawmut Design and Construction advances expansion of Princeton National Rowing Association’s Caspersen Rowing Center

Columns and Thought Leadership

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking

Artificial intelligence in lending - by Lindsay Mesh Lotito

Artificial intelligence (AI) is beginning to help transform lending by enhancing decision-making, improving risk management and streamlining operations. With AI-powered tools that analyze vast amounts of data, lenders are able to assess borrower creditworthiness more accurately and efficiently. AI can evaluate a wide range of factors,

New York’s streets are full again, and the retail numbers prove it - by Noam Aziz

Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.

Hunt commercial real estate question and answer: The total cost of relocation - by David Hunt

You have a right to be concerned. I am always surprised at the companies that will negotiate the price of their new facility down to the last dollar, without thoroughly analyzing their