Bravo Property Trust Supplies $37M Construction Loan for Manhattan Apartments

Artifact Real Estate has landed $36.8 million of construction financing to build a multifamily development in northern Manhattan, Commercial Observer has learned.

Bravo Property Trust, an affiliate of Bravo Capital, originated the loan for the planned 78-unit project at 1861 Amsterdam Avenue in Manhattan’s Hamilton Heights neighborhood near the 155th Street subway station. 

Galaxy Capital’s Henry Bodek and Jonathan Ostroff arranged the transaction.

“This project aligns with our strategy of financing well-located, high-quality developments that add long-term value to the housing market,” Aaron Krawitz, CEO of Bravo Property Trust, said in a statement. 

Gabi Moshayev, chairman of Bravo Property Trust, added in a statement that Bravo has “conviction in the strength of upper Manhattan for the long run.”

Located on the corner of Amsterdam Avenue and West 152nd Street at the former site of a medical office building, the 1861 Amsterdam project is receiving benefits from New York City’s former 421a tax abatement program, since 30 percent of the 78 apartments will be designated as affordable housing. The building will also consist of commercial space that has been pre-leased to an urgent care facility and pharmacy, according to Bravo. 

Amenities in the development will include a fitness center, a tenant lounge, coworking space and a rooftop deck. 

Ostroff, executive director at Galaxy Capital, said in a statement that the transaction underscores the brokerage firm’s “commitment to securing strategic financing for transformative projects in New York City’s dynamic real estate market.”

Officials at Artifact Real Estate did not immediately return a request for comment.

Andrew Coen can be reached at acoen@commercialobserver.com