---
title: "Scale Supplies $45M Construction Loan for Harlem Condos"
url: https://burnaze.com/article/2c6bff66-3bd0-4d15-94ba-d234c192d442
source: "Commercial Observer"
original_url: https://commercialobserver.com/2026/07/scale-lending-harlem-condos/
author: "Andrew Coen"
category: "Real Estate"
published: 2026-07-14T18:52:32.000Z
modified: 2026-10-31T13:17:09.325Z
image: https://commercialobserver.com/wp-content/uploads/sites/3/2026/07/Martin-Nussbaum-264-272-W-135th-St-rendering-credit-Slate-Property-Group.jpg?quality=80&resize=1200%2C630&strip=
---

# Scale Supplies $45M Construction Loan for Harlem Condos

**TL;DR:** Mass Development has secured a $45 million construction loan from Scale Lending to build an 11-story condominium complex in Harlem. The project, located at 264-272 West 135th Street, is expected to be completed in summer 2028 and will feature 72 condos and various amenities.

*By Andrew Coen, originally published in Commercial Observer on 2026-07-14. [Read the original](https://commercialobserver.com/2026/07/scale-lending-harlem-condos/).*

## Story

**Mass Development** has landed $45 million of construction financing to build a condominium building in Harlem, Commercial Observer has learned.

**SCALE Lending,** a subsidiary of **Slate Property Group,** provided the 30-month, floating-rate loan with two six-month extension options for the developer’s 11-story condo complex at **264-272 West 135th Street**. Mass Development acquired the site — which previously housed two low-rise retail buildings — for $9.3 million last year from **Rabina**, *Crain’s New York Business* reported at the time.

“Harlem is one of the most supply-constrained condo markets in New York City, with no new project of comparable scale or quality delivered in years, and the pipeline remaining effectively empty,” **Martin Nussbaum**, co-founder and principal of Slate Property Group, said in a statement. “That level of scarcity creates a rare and compelling opportunity.”

**Arrow Real Estate Advisors** negotiated the debt with a team led by **Morris Betesh,** **Omar Ferreira, Brandon Serota** and **Will Farrell**.

Serota, director at Arrow, said in a statement that the financing structure from the deal helped keep the “sponsor’s business plan and construction timeline intact and that the project will contribute to “Harlem’s continued growth.”

The 264-272 West 135th project, which is slated for completion in summer 2028, will feature 72 condos ranging from studios to three-bedroom units. The top floor of the building will feature amenities such as a fitness center, a lounge, a spa, a kids playroom and a movie room.

The first two floors of the property will consist of the lobby, 12,000 square feet of retail and a 15,000-square-foot community space, which has already been leased to an undisclosed day care operator. The site is just off Frederick Douglass Boulevard, about a block and a half east of **St. Nicholas Park**.

“This project represents another important step in the continued transformation of West Harlem into one of New York City’s most desirable residential neighborhoods,” **Slavik Shimonov**, managing member of Mass Development, said in a statement. “West Harlem has evolved into a destination for professionals, families, and investors seeking exceptional access to Manhattan, vibrant cultural institutions, and modern living, and this development reflects our confidence in the community’s future.”

## Entities

- Real Estate (sector)
- Commercial Observer (publication)
- Andrew Coen (person)
- construction loan (topic)
- condo development (topic)
- Arrow Real Estate Advisors (company)
- Morris Betesh (person)
- Mass Development (company)
- Scale Lending (company)
- Slate Property Group (company)
- Martin Nussbaum (person)
- Rabina (company)

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Originally reported by Andrew Coen, Commercial Observer (https://commercialobserver.com/2026/07/scale-lending-harlem-condos/). Summarized by Burnaze (https://burnaze.com/article/2c6bff66-3bd0-4d15-94ba-d234c192d442).