The Rennie condominium property in Harlem features 134 units, as well as ground floor retail space.
NEW YORK CITY—The ownership of the recently built The Rennie condominium building in Harlem has secured a $71-million loan that will be used to repay existing debt, return equity to the sponsor and provide term to allow for sales at the property.
The financing deal was announced by Square Mile Capital Management LLC, which originated the loan for Goldman Sachs Urban Investment Group and BRP Companies. The financing was arranged by Preston Flammang of Cushman & Wakefield's New York City office.
The eight-story The Rennie building spans the entire block between West 137th and 138th streets along Adam Clayton Powell Jr. Boulevard and features 134 residential condominium units, ground-floor retail, community facility space and below-grade parking.
Square Mile Capital Principal Sean Reimer says of the financing deal, “We are pleased to continue our lending relationship with Goldman Sachs Urban Investment Group and develop new ties with BRP, an experienced owner, developer, and operator with a strong track record within New York City, including the Harlem neighborhood.”
The Rennie is located two blocks from the A, C, and B subway lines and four blocks from the 2 and 3 lines. Residents will benefit from an amenity package that includes a 24/7 doorman, decorated rooftop, terrace with grills, party room, children's playroom, laundry room, fitness center and pet spa. Nearby the building are a host of retailers, fitness studios, and restaurants, including Harlem Cycle, Ponty Bistro, Belle Harlem and Harlem Nights.
Reimer adds that the Goldman Sachs-BRP partnership has successfully sold all of the residential condominiums at the Aurum, located six blocks south, and believes the two firms are the “ideal team to execute on the business plan for the property.”
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
