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Primrose Capital Arranges Bridge Financing for New Luxury 421a rental in East Harlem



Harlem, NY – Primrose Capital announced today that it has arranged bridge financing for the completion of a 48 unit rental luxury rental tower in East Harlem which will contain 25% affordable units under New York City's 421a program. Upon completion, the building located at 2338 Second Ave will serve New York City's growing workforce who are looking for new luxury product at affordable rents. The East Harlem market with its access to the Subway transportation, has seen tremendous growth from developers looking to capitalize on the growth demand for new rental product.


Primrose Capital worked on behalf of local developer, HAP Investments, to secure the three-year bridge loan through a national debt fund. Joshua Emory, a Principal at Primrose Capital commented “We are very excited to have recapitalized HAP 2 which will allow HAP Investments to complete construction and execute on its lease-up strategy through stabilization. The financing of this second asset for HAP represents the continued strength and transition of the East Harlem market and strength of the developer.

Primrose Capital, LLC is a fully integrated real estate capital advisory firm with offices in Miami, New York and Los Angeles, specialized in the placement of debt financing and joint venture equity for leading real estate institutions, developers and property owners throughout North America. As a trusted advisor, Primrose Capital is an expert at structuring custom tailored financing solutions for some of the most complex commercial real estate transactions.

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