NEW
YORK, July 29, 2024 /PRNewswire/ -- SCALE
Lending, the debt financing arm of Slate Property Group, today
announced an initial partnership with Harel Finance to support
the deployment of construction and bridge loans on multifamily and
condo projects in the United
States.
SCALE directly originates $50
million - $150+ million senior secured whole loans with a
primary focus on local owner-operator borrowers with developments
in the New York City Metro area,
Florida and select high-growth
transit-oriented markets on the East Coast of the United States.
During the past nine months, SCALE has successfully closed on
more than $800 million in financing
and currently has in excess of $1
billion in the pipeline.
Overall, this is the third SCALE strategic lending partnership.
The SCALE platform has invested $2.3
billion in credit since launching its first partnership in
2018.
"We're excited to expand our capital relationships by bringing
on Harel Finance, an institutional partner that shares our vision
and recognizes the opportunities available," said Martin Nussbaum, Co-Founder and Principal at
Slate Property Group. "With an increased level of dislocation in
the market, multifamily developers are starved for capital. That's
where SCALE can help – with our cross-functional business lines,
we're able to speak the same language as our borrowers and our
institutional partners as we catalyze success for both."
"SCALE offers unique access via its real estate operating
platform, with the ability to originate attractive opportunities in
the multifamily space. That's a compelling opportunity," said
Neta David, Harel Finance
Alternative CEO.
SCALE announced its latest financing in April 2024 – a $150
million construction loan for Beitel Group's 13-story,
450-unit multifamily project located at 120 East 144th
Street in the Bronx's Mott Haven
neighborhood. Other recent SCALE financings include a $140 million construction financing for a
seven-story, 354-unit mixed-use multifamily building in Flatbush,
Brooklyn, a $46 million bridge loan for a recently completed
nine-story residential building in Clinton
Hill, Brooklyn, and two cross-collateralized loans totaling
$243 million for two multifamily
buildings in Jersey City.
Harel Finance is the investment house of Harel Group, which is
one of the largest insurance and finance groups in Israel and
a member of Tel Aviv Stock Exchange TA-35 Index. In 2023, Harel
Finance was elected as "Investment House of the Year" by Adif, the
leading content platform for the insurance and financial sectors.
As of June 30, 2024, Harel Finance
manages 122B NIS of mutual funds,
managed portfolios and alternative assets. Harel Group's total
assets under management in insurance, pension and provident funds,
mutual funds and financial services amounted to $109 billion (NIS 412
billion), as of December
2023.
About SCALE
SCALE is a direct lender providing first mortgage financing
secured by commercial real estate assets, including pre-development
loans, construction, new development, re-development, inventory,
and assets with a lease-up or reposition component. SCALE leverages
off the Slate platform, which offers expertise in underwriting,
land valuation, construction, cost estimating, zoning, design,
planning, environmental, property management, leasing, accounting,
etc. in order to guide investment decisions and assess the
valuation of collateral.
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SOURCE Slate Property Group