Search
 

$43M in Financing for Central Harlem Housing

NEW YORK CITY-The groundbreaking will be held next week for Strivers Gardens, a 169-unit condominium complex in Central Harlem. Fleet provided $42.7 million in financing toward the project, which is the third ANCHOR project in Harlem.

By Barbara Jarvie | Updated on September 25, 2003

NEW YORK CITY-Fleet Real Estate Finance Group, a unit of Fleet National Bank, arranged $42.7 million in financing for Strivers Gardens Realty LLC toward the construction of Strivers Gardens, a 169-codominium unit with 37,000 sf of retail space and underground parking.

The building is located on Frederick Douglas Boulevard between West 134th and 135th in Central Harlem, sponsored by the Greater Harlem Chamber of Commerce. Fannie Mae is participating in Fleet’s construction loan. The site is designed by Davis Brody Bond LLC and constructed by BRF Construction Corp. The first units are expected to be ready for occupancy by fall 2004 with a total development cost of $67 million.

Strivers Gardens is being developed under the Alliance for Neighborhood Commerce Home Ownership Revitalization program, which is administered jointly by the city’s Department of Housing Preservation and Development and the New York City Housing Partnership. ANCHOR promotes the development of mixed-use projects in low- and moderate-income neighborhoods.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.