2211 Third Ave. in East Harlem/ Image credit: HAP Investments
NEW YORK CITY—HAP Investments has received $55 million in bridge financing for an East Harlem rental building located at 2211 Third Ave. The 108-unit, new luxury apartment property includes 20% affordable units.
Primrose Capital negotiated the two-year bridge loan for the local developer, from ACRE Credit LLC, a fund managed by Asia Capital Real Estate. “We are very excited to have recapitalized HAP 10 which will allow HAP Investments, who has been a pioneer in East Harlem to continue its lease-up strategy through stabilization. The financing of this luxury asset represents the continued strength and transition of the East Harlem market,” says Joshua Emory, a Primrose Capital principal. “The challenge was getting lenders educated on the growing demand for luxury rentals in East Harlem.” Emory notes that ACRE was well experienced in the market.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
