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Slate Property Group launches up to $1B SMA for residential construction loans

The SMA’s first investment is a $45 million senior secured construction loan for an 11-story, 72-unit project in Harlem that closed in July.

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Slate Property Group has closed a new Separately Managed Account, with up to $1 billion of capital dedicated to sourcing and originating lower-leverage senior secured residential construction and bridge loans, ConnectCRE reported.

The firm said the SMA will primarily target residential development in high-growth, transit-oriented East Coast markets, positioning the new offering as an additional path within its lending range across the capital stack.

ConnectCRE also reported that the SMA’s inaugural investment was a $45 million senior secured construction loan for a project at 264-272 W. 135th St. in Harlem.

That loan, which closed in July, is intended to help fund the ground-up construction of an 11-story, 72-unit building by Mass Development.

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