Harlem, NY – Primrose Capital announced today that it arranged $55 million in bridge financing on behalf of HAP Investments for its 2211 3rd Ave property, a 108-unit luxury rental building with 20% affordable units located in the burgeoning East Harlem neighborhood.
Primrose Capital worked on behalf of local developer, HAP Investments, to secure the two-year bridge loan with an Asian fund managed by ACRE. Joshua Emory, a Principal at Primrose Capital commented “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. The challenge was getting lenders educated on the growing demand for luxury rentals in East Harlem. ACRE was very experienced in the market and was to stretch on proceeds to deliver a very attractive financing solution to the borrower.”
2211 3rd Ave is one of the most privileged addresses in East Harlem and is a short walk from East River Plaza. The designer 108-unit building includes studio, one and two-bedroom apartments with a mixture of luxury amenities including three landscaped terraces, a fitness center, in-unit washer/dryer, resident storage and concierge services. HAP Investments has long been a pioneer in East Harlem with the opening of their opening of 329 Pleasant Avenue along with the anticipated opening of their luxury 30 unit HAP 2 rental project located at 2338 Second Avenue.
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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