SCALE Lending, the debt financing arm of Slate Property Group, has issued a $45-million senior-secured construction loan for a new multifamily project located at 264-272 W. 135th St. in Harlem. The sponsor, Mass Development, will use loan proceeds for the ground up development of an 11-story residential condominium building.

The floating rate loan runs for 30 months with two six-month extensions and was arranged by Arrow Real Estate Advisors. The project is set for completion in the summer of 2028.

“Harlem is one of the most supply-constrained condo markets in New York City, with no new project of comparable scale or quality delivering in years, and the pipeline remaining effectively empty,” said Martin Nussbaum, co-founder and principal, Slate Property Group. “That level of scarcity creates a rare and compelling opportunity. We are proud to team up with Mass Development and provide the capital that will deliver 72 residences to a neighborhood that is long overdue for new for-sale product.”

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