Bravo Property Trust, a balance sheet real estate lender, announced the financing of an $80,000,000 construction loan for the development of a 194-unit Class A multifamily high-rise at 2201 3rd Avenue in East Harlem, New York.
The financing will fund construction of a new residential tower in a supply-constrained New York City market with strong renter demand.
The property is well positioned, with convenient access to multiple subway lines, including the 4, 5, 6, 2 and 3 trains, as well as MetroNorth at Harlem-125th Street.
The project will feature 194 residential units and a robust amenity package, including a gym, playroom, pet spa, bike storage, co-working space, lounge, roof deck and patio.
“This was exactly the kind of asset we look for: a high-quality multifamily development in a supply-constrained New York City market, with strong renter demand and proximity to major employment centers. It is an area with a lot of potential. With this financing, Bravo continues to support high-quality multifamily properties in dynamic urban markets,” said Aaron Krawitz, founder and CEO of Bravo Property Trust.
Since its inception, Bravo Property Trust and its affiliate Bravo Capital have financed more than $2.5 billion of primarily multifamily and healthcare real estate transactions nationwide.
