Beitel nabs $155M to refi Mott Haven rental project

It took less than a year for the Beitel Group to retire the construction debt at a newly developed Mott Haven multifamily property. Dwight Mortgage Trust provided a $155 million bridge loan to refinance the 405-unit rental complex at 261 and 315 Grand Concourse in the Bronx, the Commercial Observer reported. The loan comes after Scale Lending in September issued a $135 million construction loan. The refinancing provides a “significant cash-out” to the developer, according to the Dwight Capital real estate investment trust affiliate. The development features 283 market-rate units and 122 affordable housing units. It qualified for the city’s […]This article originally appeared on The Real Deal. Click here to read the full story.