Beitel Group Secures $305M Loan for 755-Unit Mott Haven Development
Beitel Group Secures $305M Loan for 755-Unit Mott Haven Development
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July 21, 2025 | New York City
The Beitel Group has received a $305 million construction loan from Scale Lending to fund a major residential development in Mott Haven, Bronx. Located at 355 Exterior Street, the project includes two connected towers—rising 40 and 26 stories—comprising 755 rental units, nearly 200 parking spots, and over 11,000 square feet of retail space. The development is a continuation of Mott Haven’s real estate boom, drawing institutional attention and capital.
Layouts will range from studios to two-bedroom units, with a minimum of 25% designated as affordable housing under the 421a program. The building will also offer high-end amenities including an outdoor pool, gym with sauna and steam room, pickleball court, golf simulator, co-working areas, and more. Completion is expected by June.
Beitel entered contract to purchase the site—previously owned by Lightstone Group—in 2023 and began demolition and construction in December. Though the purchase price was undisclosed, the site was previously acquired for $28.3 million before the pandemic. The loan, arranged by Landstone Capital, includes an 18-month term with two optional six-month extensions.
This marks Beitel's second major financing deal with Scale in the South Bronx, following a $150 million loan for a separate project at 120 East 144th Street. Scale Lending has now provided over $1.5 billion in loans in the past year, underscoring growing investor confidence in Mott Haven’s evolving residential market.
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