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Two-Tower East Harlem Project Lands Construction Debt
Cushman & Wakefield advised affiliates of Certes Partners, the Hakimian Organization and Red Pine Capital Partners in arranging approximately $59,400,000 in construction financing for The Enclave, a 113-unit multifamily project at 215 E. 124th St. in East Harlem. The floating-rate financing was provided by affiliates of SCALE Lending.
A Cushman & Wakefield Equity, Debt & Structured Finance team of John Alascio, Sri Vankayala, Alex Lapidus and Meredith Donovan represented the borrower. The project benefits from both an Opportunity Zone designation and an Affordable New York real estate tax abatement.
“With major firms such as Blackstone, Apple and Facebook expanding their presence in Manhattan, we are excited about the future growth of New York City,” said Certes Partners principal Elan Hakimian. “This is a 10-year project in a QOZ. It’s a block-through, neighborhood-defining project with two towers, outdoor space and exciting new retail.”
