Slate Property Group LLC is looking to issue $500 million worth of mortgages this year after launching its own real estate lending vehicle, The Real Deal reported.
Slate co-founder Martin Nussbaum said SPG Capital Partners will only issue senior mortgages.
The lending vehicle's first deal will be a $19 million mortgage to bankroll Solomon Feder's purchase of a site at 45-57 Davis St. in Long Island City, N.Y. The developer is looking to build a 150-unit, 10-story residential project on the lot.
In addition to construction and land loans, SPG will focus on transitional, bridge and condo inventory debt of up to 80% of a project's value, the publication noted. The diversified real estate company will pay for the loans through its own coffers and institutional partners.
