MF1 Capital Refis Harlem Multifamily Property With $69M Loan
By Andrew Coen September 20, 2023 12:43 pm
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A joint venture partnership between Certes Partners, The Hakimian Organization and Red Pine Capital Partners has secured a $68.5 million debt package to refinance a multifamily asset in East Harlem, Commercial Observer can first report.
MF1 Capital provided the loan on the sponsorship’s 113-unit The Reserve property at 212 East 125th Street, which opened this year.
Newmark (NMRK) arranged the transaction with a team led by Jordan Roeschlaub, Dustin Stolly, Daniel Fromm and Darian Cook.
The Reserve development consists of two towers fronting 124th and 125th Streets accompanied by a central courtyard. The JV acquired the site on 125th Street in October 2018 and the site on 124th Street in 2019, according to Newmark.
The multifamily portion of the project features 141,200 square feet with 34 of the 113 apartments designated as affordable. The property benefited from a tax abatement under New York State’s 421a affordable housing program that expired in June 2022.
In addition to apartments, the property features 3,615 square feet of retail on 125th Street and 34 parking spaces. Amenities include a gym, a sauna,a golf simulator and outdoor patios.
Sunder Jambunathan, principal at Certes Partners, noted that the project encountered a myriad of challenges from purchasing the property out of bankruptcy to to developing it during the height of the COVID-19 pandemic.
“Being able to complete a project of this scale and complexity under budget is a testament to the experience of this development team,” Jambunathan said in a statement.
Officials at MF1 Capital, The Hakimian Organization and Red Pine Capital Partners did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
