Arden Group borrows $44M from Scale Lending for development site in Washington Heights

Arden Group through the entity Aquozfi Inwood LLC as borrower signed a loan agreement with lender Scale Lending through the entity Scale 4650 Broadway Lender LLC valued at $44.0 million for 1 parcel, including the tax class garage with two or more stories (G1) at 4650 Broadway in Washington Heights. The deal closed on November 12, 2019 and was recorded on November 19, 2019. The site is expected to be redeveloped.
Scale Lending is a financing venture of Slate Property Group and the Carlyle Group.

The last time the property sold was April 17, 2018, for $26,000,000.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000. There has been one demolition project filed for the parcels over the past five years.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link