The New York office of mortgage banking company Merchants Capital closed an $18.2-million Housing Development Corporation (HDC) Fannie Mae Risk Share loan for Mannie Wilson Towers, a historic affordable housing development in Harlem.
The securement of this funding represents the first HDC Fannie Risk Share loan closed with Merchants Capital, a loan product created by the company. The loan has a 30-year term and a 40-year amortization.
Located in the former Sydenham Hospital, which dates from 1892, Mannie Wilson Towers provides 102 one- and two-bedroom units of restricted-income housing for seniors in Harlem.
“Making these capital improvements to Mannie Wilson Towers will allow the development to provide necessary affordable housing in Harlem for years to come,” said Matthew Wambua, Merchants Capital vice chair and head of agency lending. “Preserving this structure is critical, and we are honored to have served as a partner on this project.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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