Yesterday, SCALE Lending announced that it closed on a $120 million construction loan for 618 Pavonia Avenue in Journal Square. The loan will finance the ground-up construction of the multi-family project. Namdar Group is the developer for the project, having also completed nearby projects 87 Newkirk and 26 Cottage. SCALE Lending is an affiliate of Slate Property Group. The financing was arranged by Greystone.
“Coupled with our ability to close quickly, SCALE continues to set itself apart from the competition as one of the most active lenders in the market, with a focus on ground up construction in the New York City metro area,” said Martin Nussbaum, Co-Founder and Principal of Slate Property Group. “We’re thrilled to work with a high-caliber developer like Namdar Group, who we have complete confidence in to execute on their business plan.”
“We’re excited to work with SCALE Lending as we move our project at 618 Pavonia Avenue forward,” said Effy Namdar, COO of Namdar Group. “We’re proud to bring this important housing development to Journal Square that will help generate economic development and growth for the surrounding neighborhood.”
Once finished, 618 Pavonia will be a 27-story multi-family building with 432 total units, 40% of which will be efficiency apartments. The development is walking distance to the Journal Square PATH station.