SCALE Lending announced that it has taken out a $ 55 million home loan to complete the development of The Nova in Long Island City.
The Nova is being developed by SB Development, designed by Fogarty Finger and built by 1 Oak Construction and is scheduled for completion in June 2022.
“We have been very active in the Long Island City market for the past five years. It has maintained strong demand during the pandemic, and we have seen a surge in activity lately in both the rental and condominium markets, ”said Martin Nussbaum, Co-Founder and Director of Slate Property Group. “With our confidence in SB Development’s experience and their business plan for the location, we were able to work with them quickly to complete this loan.”
“It has been a pleasure to work with the SCALE team,” said Joseph Stern, Head of SB Development. “We are very excited and happy to be driving the development of this architectural lighthouse for the neighborhood and are grateful to be in a position that will enable us to help rebirth this great city we love.”
The Nova is a luxury first floor condominium building that will include 86 units and retail stores on the first floor over 95,000 b / w and 24 floors.
SCALE Lending is Slate’s lending company providing the first commercial real estate mortgage financing in the New York area with a focus on senior transitional loans backed by commercial mortgages.
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