News Summary
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.
Beitel Group Receives $305 Million Loan for Mott Haven Development
The Beitel Group has successfully secured a construction loan of $305 million from SCALE Lending for a major mixed-use development project in the Mott Haven neighborhood of the Bronx. This ambitious project features two towers, one soaring 40 stories high and the other 26 stories, that will together provide 755 rental units at 355 Exterior Street.
Project Details and Impact
The total area for this large-scale development will encompass 515,000 square feet. The site was previously home to existing buildings, which have been demolished, and excavation work has recently been completed after the Beitel Group entered into a contract to purchase the site in October 2024. This land was originally acquired by an affiliate of the Lightstone Group in 2019 for approximately $28.3 million; however, the exact price that Beitel Group paid remains undisclosed.
Landstone Capital Group was instrumental in arranging the loan, which is structured as an 18-month whole-term loan with options for two six-month extensions. Prestige Construction NY has been designated as the general contractor for the development, which is anticipated to be completed by June 2026.
Affordable Housing and Amenities
This development will take advantage of the 421a affordable housing tax abatement program, which requires that at least 25% of the units are designated as affordable to qualify for tax benefits. A diverse selection of housing will be offered, including studios, one-bedroom, and two-bedroom apartments.
In addition to residential units, the project is set to feature a robust lineup of amenities designed to enhance the living experience. Planned facilities include an outdoor pool and terrace, a gym equipped with a sauna and steam room, a pickleball court, a golf simulator, co-working spaces, a party room, and a children’s play area. Moreover, 11,500 square feet of retail space is included in the design and there will be nearly 200 parking spaces available for residents and visitors.
Strategic Location and Community Growth
Strategically located along the Harlem River, the site is conveniently situated within walking distance of the 149th Street Grand Concourse Subway station. This accessibility is expected to further attract residents to the area, which has already seen significant growth. Industry experts highlight that Mott Haven is experiencing a renaissance, with numerous developments transforming the neighborhood.
SCALE Lending has previously collaborated with Beitel Group on other residential projects within the Mott Haven area. Notable financing arrangements include a $135 million loan for two 14-story buildings and a $150 million loan for a 13-story building, which underscores SCALE’s commitment to enhancing housing options in the region. Over the past year, SCALE Lending has announced financing deals totaling more than $1 billion, including projects in Brooklyn and Miami.
Expansion of Supportive Housing
In addition to the mixed-use development, there are plans for a separate supportive housing project at 694 E. 142nd Street, also in Mott Haven. Permits have been filed for an 8-story building that will provide 236 units aimed at at-risk individuals and families. This supportive housing initiative will include sleeping accommodations, a cellar, and a rooftop terrace, enhancing the resources available to the community.
The current lot at 694 E. 142nd Street features an existing 3-story residential building, with demolition permits yet to be filed. The upcoming project is conveniently located near schools, parks, and a subway station servicing the 6 train, though an estimated completion date has not yet been provided.
As both projects unfold, they are poised to make a significant impact on the housing landscape of Mott Haven, providing much-needed rental units and amenities to the growing community.
Deeper Dive: News & Info About This Topic
Additional Resources
- BX Times: 8-Story Supportive Housing in Mott Haven
- Wikipedia: Mott Haven, Bronx
- News 12: Mott Haven Luxury Rental Boom
- Google Search: Mott Haven development
- New York YIMBY: Excavation for 714-Unit Complex
- Encyclopedia Britannica: Housing
- Crain’s New York: Peter Fine Sells Mott Haven Development Site
- Google News: Mott Haven real estate
- Brick Underground: Housing Lottery in Mott Haven
- Google Scholar: Mott Haven housing
