Merchants Capital Provides $104M to Renovate Historic Harlem River Houses
The New York office of Merchants Capital has provided more than $104 million in financing for Harlem River Houses and the adjacent Harlem River II Campus, collectively known as Harlem River Houses I and II, Merchants Capital said in a press release.
The New York City Housing Authority property dates back to the 1930s and represents a significant milestone in public housing as one of the first two properties in New York funded, developed and owned by the federal government.
Located between West 151st and West 153rd streets along Harlem River Drive and Macombs Place, Harlem River Houses currently features 690 apartments offered at 100% affordability to low-income residents in the area. Upon renovation, the property will offer 693 apartments spread across eight residential buildings that house more than 1,400 residents.
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