Scale Lending Provides $56M in Construction Financing for development of Cactus Holdings LIC Property
May 16, 2019
As reported by Commercial Observer's Cathy Cunningham, JMH Development and Mettle Property Group have secured $56 million in construction financing to for the development of a 143-unit building in Long Island City, Queens.
"Scale Lending—the financing arm of Slate Property Group—provided the three-year debt in a deal arranged by Newmark Knight Frank’s Jordan Roeschlaub, Dustin Stolly, Daniel Fromm and Josh Egert.
Jason Halpern’s JMH Development teamed up with Gerard Longo’s Mettle Property Group in 2016 to acquire the leasehold and develop the site at 36-20 Steinway Street, which previously housed five commercial buildings owned by supermarket chain Western Beef."
From left to right: Jordan Roeschlaub, Dustin Stolly, Daniel Fromm and Josh Egert; Credit: traded ny
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