SCALE Lending, the debt financing arm of Slate Property Group, has finalized a $160 million construction loan to The Namdar Group for a new mixed-use development located 626 Newark Avenue in Jersey City. The loan was arranged by Drew Fletcher and Bryan Grover of Greystone Capital Advisors.
The affordable housing lottery has launched for The Axel, a 29-story residential building at 550 Clinton Avenue in Clinton Hill, Brooklyn. Designed by Morris Adjmi Architects and developed by Hope Street Capital, the structure yields 284 residences. Available on NYC Housing Connect are six units for residents at 130 percent of the area median income (AMI), ranging in eligible income from $48,206 to $198,250.
Permits have been filed for a 12-story community building at 5921 Palisade Avenue in Riverdale, The Bronx. Located near the intersection of Sigma Place and Palisade Avenue, the lot is near the MetroNorth Riverdale station, serviced by the Hudson line. Riverspring Hebrew Home at Riverdale is listed as the owner behind the applications.
Demolition is underway on the Hudson Avenue Generating Station, the site of Con Edison’s Brooklyn Clean Energy Hub in Vinegar Hill. Dubbed “The Hub,” the transmission substation will be capable of powering around 750,000 homes with up to 1,500 megawatts of electricity from offshore wind power. ConEdison designed the new structure to allow for future expandability, with a maximum processing capacity of 6,000 megawatts. The site is bound by Marshall Street to the south, Hudson Avenue to the east, and Gold Street and the Con Edison Farragut Station to the west. A groundbreaking ceremony was held last September and construction is expected to begin around the middle of this year.
Civic Builders, a national nonprofit lender and developer dedicated to supporting public charter schools in under-resourced communities, is currently developing a new charter school located at 447 Wales Avenue in Mott Haven, The Bronx. The project, a partnership with Comp Sci High Charter School, and designed by KSS Architects, represents an important investment in educational facilities in the area.
