SCALE Lending has issued a $305 million construction loan for the creation of connected 26-story and 40-story towers with 755 total housing units at 355 Exterior St. in the Mott Haven section of the Bronx.
This loan will span 18 months, with two optional six-month extensions also available. Landstone Capital Group arranged the loan with SCALE Lending.
The development will take up 515,000 square feet. The 755 residences will range from studios to two-bedroom units.
Other planned features at the property include 194 parking spaces and 11,500 square feet of retail space. Among the amenities available to residents are an outdoor pool, a fitness center, a pickleball court, a golf simulator, co-working spaces and a children’s playroom. Direct waterfront views will also be available to residents from their units.
Hill West Architects designed this two-tower structure. Beitel Group is currently developing it after securing the contract in October 2024.
The previous structure at 355 Exterior St. was demolished in December 2024, with excavation of the site having been completed that same month. The project is expected to be completed in June 2026.
In addition to receiving the construction loan, this project has also qualified for the 421a tax abatement program, meaning that some of the 755 units will be set aside for affordable housing.
Residents of the property will have easy access to mass transportation. The 149th Street-Grand Concourse subway station is blocks away, providing service for the 2, 4 and 5 trains. Other nearby Bronx subway stations include the 3rd Avenue-149th Street station, servicing the 2 and 5 trains, the 138th Street-Grand Concourse station, which services the 4 and 5 trains, and the 3rd Avenue-138th Street station, which services the 6 train.
In addition to the train stations, there are also bus stops within close proximity to the property for the Bx1, Bx2, Bx19, Bx21, Bx32, Bx33 and M125 lines. Other notable features in the area include the Hip Hop Museum, the Harlem River, NYC Health + Hospitals/Lincoln, Mill Pond Park, the Patterson Playground, the Governor Smith Playground, X522 Bronx Design and Construction Academy, Rosalyn Yalow Charter School and Hostos Community College.
