Metropolitan Commercial Bank Lends $26M on Harlem Mixed-Use Project
Elmo Realty has nabbed $26 million of construction financing for its planned mixed use development in Harlem, property records show.
Metropolitan Commercial Bank provided a $17.3 million building loan and $8.7 million project loan on 2535 Frederick Douglass Boulevard where Elmo is planning to build an eight-story building with 53 residential units and 23,979 square feet of commercial space. The project qualified under New York State’s now expired 421A tax abatement program for new multifamily developments.
A groundbreaking was recently held for the development and vertical construction is slated to commence in a few weeks with a 24-month estimated completion timeline, according to Saba Vahdat, vice president at Elmo, who is lead developer for the project.
“We are ready to rock and roll on our end,” Vahdat said.
The property, which is located between 135th and West 136th streets, was previously home to the Healing From Heaven Temple prior to Elmo purchasing it in 2015. Demolition of the congregation’s building, which was formerly an A&P supermarket, occurred in 2019. The site is close to the 135th Street subway station, which is serviced by the A, B and C trains.
“The Vahdat family is great to work with and we have had the pleasure of doing a number of deals with them,” said Vivek Baid, vice president of commercial real estate lending at Metropolitan Commercial Bank. “Everything that we have done with them has been well received.”
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