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Harlem Apartment Tower Secures $210M Construction Loan
Artimus, a New York City-based development firm, has secured $210 million in financing to construct a 490-unit, mixed-use apartment building in West Harlem. Valley National Bank provided the financing through three loans: a $122.7 million senior note, a $55.2 million note, and a $32 million subordinate note. The loans were signed by Yoav Haron, a partner at Artimus.
In partnership with Grid Group, Artimus plans to build a 28-story building at 1440 Amsterdam Avenue, just off West 131st Street. The project will include nearly 500 units and 273 enclosed parking spaces. The site, formerly owned by Lefkas Realty, was used by the New York City Housing Authority (NYCHA) for parking. The development falls under New York’s expired 421a affordable housing program, which requires at least 30 percent of the units to be reserved for affordable living.
- ◦Financing
