West 135th Street is getting a serious vote of confidence: developers have locked in a $45 million construction loan for an 11-story condominium project in West Harlem. The plan calls for 72 for-sale residences stacked over ground-floor retail and a sizable community space that the developer says will be leased to a day-care operator. Construction and delivery are targeted for the summer of 2028.
SCALE Lending, the debt-financing arm of Slate Property Group, is funding the deal with a senior-secured, floating-rate $45 million loan. The package is structured as a 30-month facility with two six-month extension options, giving the sponsor some breathing room on the build-out timeline. Arrow Real Estate Advisors arranged the financing, according to CityBiz.
The sponsor is Mass Development, which controls the parcel at 264-272 West 135th Street after acquiring it last year, Commercial Observer reports. The building is slated to rise 11 stories and offer a mix of studios through three-bedroom units, with a top-floor amenity suite and other resident perks outlined in public filings. Delivery is currently slated for summer 2028.
What The Building Will Include
On the lower levels, the first two floors are set to host the residential lobby, roughly 12,000 square feet of retail and a 15,000-square-foot community facility that has already been leased to an undisclosed day-care operator, per CityBiz. Up top, the amenity package is planned to feature a fitness center, garden, resident lounge, spa and kids’ playroom, while storage space and a movie room are slated for the lower ground floor.
Why Developers Are Returning To Harlem
Developers say Harlem has been short on comparable for-sale product for years, creating a gap that new condo projects are now trying to fill. Martin Nussbaum of Slate Property Group described Harlem as “one of the most supply-constrained condo markets in New York City,” a point highlighted in coverage of the loan by Commercial Observer.
How The Loan Fits A Larger Lending Trend
The financing lines up with a broader push by SCALE Lending into New York City construction deals. The lender’s website lists a string of recent originations and outlines its underwriting parameters at SCALE Lending. Trade reporting has also noted that SCALE provided a $108 million loan to CSC Real Estate earlier this year, underscoring the firm’s appetite for large local transactions, as documented by GlobeSt.
Permits, financing milestones and broader market conditions will ultimately decide when shovels hit the ground, but the loan already injects fresh momentum into Harlem’s slow-moving for-sale pipeline. Neighbors and local groups are likely to keep a close eye on the buildout as the project moves toward its 2028 delivery window.
