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.

The residential property at 2211 Third Ave. has studio, one- and two-bedroom apartments, with luxury amenities such as landscaped terraces, a fitness center, in-unit washers and dryers and concierge services. It's also close to the East River Plaza.