Architectural rendering of the new mixed-use development in Mott Haven by Beitel Group.
The Beitel Group has obtained a $305 million construction loan from SCALE Lending to develop a mixed-use project in Mott Haven, featuring two high-rise towers. This project will include 755 rental units and 11,500 square feet of retail space, set to enhance the neighborhood’s skyline and living experience. With a variety of amenities and affordable housing options, this development marks a significant investment in the Bronx’s growth. Construction is slated for completion by June 2026, further contributing to the area’s vibrant real estate market.
The Beitel Group has successfully secured a substantial $305 million construction loan from SCALE Lending for a new mixed-use development located at 355 Exterior Street in Mott Haven, Bronx. This ambitious project involves the construction of two towers: a 40-story structure and a 26-story building, collectively offering a total of 755 rental units.
Spanning a significant 515,000 square feet, this development represents a key investment in the rapidly evolving area of Mott Haven. The financing arrangement consists of an 18-month whole-term loan, complemented by options for two six-month extensions. The savvy planning behind this project includes demolishing existing structures and completing excavation work since acquiring the site in October 2024.
The land where this prominent project is being developed was purchased from an affiliate of the Lightstone Group, who had acquired it back in 2019 for $28.3 million. However, the specific purchase amount paid by the Beitel Group remains undisclosed. Furthermore, the construction is being executed by Prestige Construction NY, with an expected completion date set for June 2026.
Integral to the project’s attractiveness, the development is enrolled in the 421a affordable housing tax abatement program. As a requirement to qualify for this tax abatement, at least 25% of the rental units must be designated as affordable housing. This initiative reflects a broader trend in responsive urban development aimed at meeting the diverse housing needs of the community.
The two towers will be a mix of studios, one-bedroom, and two-bedroom apartments, catering to various demographic segments. Among the planned amenities for future residents are an outdoor pool and terrace, a gym complete with a sauna and steam room, a pickleball court, a golf simulator, a co-working area, as well as a party room and a children’s room. In addition to the residential components, the development will also feature 11,500 square feet of retail space and provide nearly 200 parking spaces.
Conveniently located along the Harlem River, the site offers easy access to public transport, being just a short walk from the 149th Street Grand Concourse Subway station. This location is part of the ongoing urban revitalization efforts seen in Mott Haven, as emphasized by recent reports of significant growth within the last five years.
SCALE Lending has previously partnered with the Beitel Group on various other residential development projects in Mott Haven, demonstrating a solid history of collaboration. Notably, they provided a $135 million loan for two 14-story buildings and a $150 million loan for a 13-story building. In the past year, SCALE Lending has made significant financing announcements totaling over $1 billion, with various projects spread across Brooklyn and Miami.
Additionally, a separate supportive housing project is underway at 694 E. 142nd Street in Mott Haven, with permits filed for an 8-story building featuring 236 units targeted towards at-risk individuals and families. This supportive housing initiative will include essential facilities like sleeping accommodations, a cellar, and a rooftop terrace. Current preparations for this site show an existing 3-story residential building, although demolition permits are still pending.
Strategically situated near schools, parks, and a subway station serving the 6 train, this supportive housing development aims to address critical community needs. An estimated completion date for the supportive housing facility has yet to be announced, but it continues to signify a significant commitment to helping at-risk populations in the area.
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