Construction Loan Secured For 120 East 144th Street In Mott Haven, The Bronx

 

The Beitel Group has secured a $150 million loan for the development of 120 East 144th Street, a new residential project in Mott Haven, The Bronx. The funding, which was supplied by SCALE Lending, will support the construction of the 13-story, 450-unit property.

120 East 144th Street was designed by S. Wieder Architect PC and will yield 289,000 square feet across 13 floors, and will offer a range of studio to two-bedroom apartments, with select units featuring private terraces. Beyond that, plans feature a variety of amenities, including an outdoor courtyard, fitness center, and a rooftop space.

Construction is being managed by Prestige Construction NY and is expected to complete by mid-2025. The site at 120 East 144th Street, which was acquired by the Beitel Group in 2022, has already undergone a number of changes, including the demolition of the original property at the address. Funding for the project is the latest in a series of loans issued by SCALE in 2024, with nearly $600 million in closings announced over the past three months for the lender.

“The need for multifamily in New York City’s residential neighborhoods continues to grow, and new housing projects like 120 East 144th Street are critical in helping meet that demand,” said Martin Nussbaum, co-founder and principal at Slate Property Group. “We’re thrilled to continue bringing new inventory online and to work with an accomplished firm such as Beitel Group, whose national portfolio and success in NYC speak for themselves.”

The closest subways from 120 East 144th Street are the 2, 4, and 5 trains at the 149th Street-Grand Concourse station.