Developer Beitel Group has secured a $135 million construction loan to complete two adjacent residential projects at 261 and 315 Grand Concourse in Mott Haven, The Bronx. Designed by S. Weider Architect PC, the 14-story structures will span a combined 348,000 square feet and yield 405 rental units in studio to two-bedroom layouts, as well as 136 parking spaces and a 5,100-square-foot shared recreation space. The buildings will rise from a triangular parcel bound by East 138th Street to the south, Grand Concourse to the east, and Walton Avenue to the west.
The 24-month whole-term loan, issued by SCALE Lending and arranged by Landstone Capital, comes with two six-month extension options. Since purchasing the sites in April 2022, the Beitel Group has demolished the existing buildings and completed excavation work.
“Demand in The Bronx multifamily market is already robust and continues to grow,” said Martin Nussbaum, co-founder and principal at Slate Property Group. “We are thrilled about the opportunity to once again team up with Ben Beitel, an experienced and established developer. Beitel Group has a $2 billion national portfolio and a proven track record of successful ground-up multifamily projects both with us in the NYC metro area and across the country.”
The project is located directly west of the 138th Street-Grand Concourse subway station, which is served by the 4 and 5 trains.
Completion for both buildings is slated for November 2025.
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