BHI Lends $92M on Inwood Resi Tower Project
By Andrew Coen September 21, 2023 12:41 pm
reprints
The Jay Group has sealed $92 million of construction financing to build a new multifamily development in northern Manhattan, Commercial Observer has learned.
BHI provided the loan on the private investment firm’s planned 18-story residential tower taking over a former gas station in Manhattan’s Inwood neighborhood, according to Meridian Capital Group, whose Morris Betesh, Omar Ferreira and Dov Jeremias negotiated the debt package.
“The sponsor has a successful track record of developing multifamily projects in up-and-coming neighborhoods of New York City, and the lender, BHI, was able to provide a single-lender execution in a challenging financing environment,” Betesh said in a statement.
The property is in Inwood at 401 West 207th Street, not far from the University Heights Bridge between Manhattan and the Bronx. The project will consist of 270 apartment units across 302,000 square feet ,with 25 percent designated as affordable under New York City’s Mandatory Inclusionary Housing program. The site formerly housed a Speedway gas station, which will be remediated under New York’s brownfield program.
The former Speedway property was acquired by The Jay Group in March 2022 for $25 million, PincusCo reported at the time. It’s unclear when the project is slated for completion.
Representatives for BHI and The Jay Group did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
