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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.”


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About Paul Bubny

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. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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