March 16th, 2007
Fleet contributes $42 million for construction of mixed use Harlem condominiums - Fleet Real Estate Finance Group - Strivers Gardens Realty
Fleet Real Estate Finance Group, a unit of Fleet National Bank, announced it has arranged $42.7 million in financing for Strivers Gardens Realty, LLC, an entity controlled by Bernard and Robert Friedman.
The funds will support the construction of Strivers Gardens, a residential condominium building located on Frederick Douglas Boulevard between West 134th and 135th Streets in Central Harlem, sponsored by The Greater Harlem Chamber of Commerce. Fannie Mae is participating in Fleet’s construction loan.
Designed by Davis Brody Bond, LLC and to be constructed by B RF Construction Corporation, the building will feature 169 distinctive condominiums, 37,000 SF o f retail space, as well as underground parking.
Construction is slated to commence shortly with the first units expected to be ready for occupancy by fall 2004. The project carries a total development cost of $67 million.
Strivers Gardens is being developed under the Alliance for Neighborhood Commerce Home Ownership Revitalization (ANCHOR) program, which is administered jointly by the New York City Department of Housing Preservation and Development (HPD) and the New York City Housing Partnership.
ANCHOR promotes the development of mixed-use projects in low- and moderate-income neighborhoods. In compliance with HUD mandates, 75% of the units in Strivers Gardens have been earmarked for households with income under $110,000. Additional funding for this development includes various subsidies from HPD, the New York City Housing Development Corporation (HDC), the Upper Manhattan Empowerment Zone, and United States Department of Housing and Urban Development (HUD) and the Empire State Development Corporation.
“Fleet is proud to serve as the lead arranger of financing for this development which will result in quality housing for Central Harlem residents,” said Philip Grossman, executive vice president and market manager, community real Estate Finance at Fleet.
Strivers Gardens represents the third ANCHOR project in Harlem to date and Fleet has played a key role in each, including 1400 on 5th and The Renaissance at 116th and Lenox.