CSC Real Estate Secures $108 Million Construction Loan From SCALE Lending For Office Conversion At 770 2nd Ave
300 East 42nd Street
$108,000,000
Building Size
—
Asset Type
Office
Closing
Apr 13, 2026
About this deal
AI
The asset involved in this transaction is an office to residential conversion located at 770 2nd Avenue in the Manhattan market. The loan amount secured for this project is $108,000,000, provided by SCALE Lending under a construction loan type.
Summary of transaction details:
- Property Type: Office to Residential Conversion
- Transaction Amount: $108,000,000
- Lender: SCALE Lending
- Landlord: CSC Real Estate
- Landlord's Representative: Morris Betesh & Louis Halperin - Arrow Real Estate Advisors
Key individuals involved in this deal include Sal Smeke, Alberto Smeke, Morris Betesh, Louis Halperin, Martin Nussbaum, and Daniel Ridloff. They represent a collaborative effort in managing and facilitating the transaction, showcasing the various roles played by each party within the construction loan agreement.
On the Map
$108,000,000
Office
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Players
New York Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.15%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93