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 Secures $305 Million Loan for New Mixed-Use Development in Mott Haven
The Beitel Group has successfully secured a significant construction loan of $305 million from SCALE Lending to develop a new mixed-use project in Mott Haven, Bronx. This major investment will feature two high-rise towers that will redefine the skyline of the area and provide a mix of residential and retail spaces.
Details of the Development
Located at 355 Exterior Street, the project encompasses a total of 515,000 square feet and will consist of a 40-story tower and a 26-story tower, together providing a total of 755 rental units. The scope of the project includes a diverse assortment of rental apartments that will feature studios, one-bedroom, and two-bedroom layouts, catering to a wide range of residents.
The financing for this ambitious development was facilitated by Landstone Capital Group, which arranged an 18-month whole-term loan for the Beitel Group, including the option for two six-month extensions. Such financial arrangements have become crucial in supporting large-scale developments in bustling urban areas.
Site Preparation and Construction Timeline
Before construction could begin, the Beitel Group undertook extensive site preparation, which included demolishing existing structures and conducting excavation work. The contract for the land was signed in October 2024, with the property purchased from an affiliate of Lightstone Group. Although the exact price for the purchase by Beitel is not disclosed, it is noted that Lightstone had acquired the site in 2019 for $28.3 million.
The chosen contractor for the project is Prestige Construction NY, with plans for construction completion slated for June 2026. As part of the development, at least 25% of the housing units will be designated as affordable to comply with regulations under the 421a affordable housing tax abatement program.
Planned Amenities and Retail Space
The mixed-use complex is set to offer an array of amenities designed to enhance the living experience for residents. Facilities will include an outdoor pool and terrace, a fully equipped gym with a sauna and steam room, a pickleball court, a golf simulator, a co-working area, as well as community spaces such as a party room and a children’s room. The project also plans to include 11,500 square feet of retail space, alongside nearly 200 parking spaces, ensuring convenience for both residents and visitors.
Mott Haven’s Growth and Future Projects
The Mott Haven neighborhood has experienced remarkable growth within the past five years, signaling a vibrant real estate market. The Beitel Group has previously collaborated with SCALE Lending on other residential projects in the area, including a recent $135 million loan for two 14-story buildings and a $150 million loan for a 13-story building. Overall, SCALE Lending has provided over $1 billion in financing in the past year, including transactions in Brooklyn and Miami, showcasing the company’s commitment to urban development.
In addition to the mixed-use project at 355 Exterior Street, plans for separate supportive housing are underway at 694 E. 142nd Street in Mott Haven. This initiative involves the construction of an 8-story building with 236 units aimed at supporting at-risk individuals and families. The supportive housing is expected to feature sleeping facilities, a cellar, and a rooftop terrace, with permits filed but demolition work yet to commence on the current 3-story residential building currently occupying the lot. The proposed location is conveniently situated near schools, parks, and public transit, enhancing accessibility for future residents.
No completion date for the supportive housing project has been announced. As Mott Haven continues to evolve, these developments signal the neighborhood’s ongoing transformation, providing a blend of living spaces and community support.
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
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