Certes Partners signs $59.4M new construction loan with Slate’s Scale Lending in East Harlem

Certes Partners through the entity CHR 125 Owner LLC as borrower signed a new construction loan with lender Slate Property Group through the entity Scale Enclave Lender LLC valued at $59.4 million for three properties including the industrial (Z9) at 215 East 124th Street in East Harlem, Manhattan, development site (V1) at 214 East 125th Street in East Harlem, Manhattan, and development site (V1) at 212 East 125th Street in East Harlem, Manhattan.
The deal closed on April 29, 2021 and was recorded on May 25, 2021.
The loan price per the development’s planned 140,000 square feet is $424 per the PincusCo analysis.
The signatory for Certes Partners was Sunder Jambunathan.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000.
This is a new construction loan for $59.4 million with and $8.8 million land loan, a $37.1 million building loan and a $13.5 million project loan.

Direct link to Acris document. link