HAP refinances Harlem portfolio with $ 77 million Allegiant loan
HAP Investments has secured a $ 76.75 million loan from Allegiant Real Estate Capital to refinance HAP Investment’s strong East Harlem portfolio.
“We are delighted with HAP’s commitment to New York and East Harlem, in particular, and are delighted to be a partner in their efforts,” said Randy Reiff, CEO of Allegiant Real Estate Capital.
The refinanced properties are located at 2338 Second Avenue, 329 Pleasant Avenue and 2211 Third Avenue (top photo) in East Harlem, NY. This portfolio of buildings houses nearly 160 apartments and contains leased retail space.
HAP Investments’ efforts to secure this loan were led by Andrea Lawrence, deputy managing director and general counsel, and Will Wang, the company’s CFA. Smith, Gambrell & Russell, Moty Ben Yona, LLP Partner, and Amanda Attenasio, Partner, acted as legal representation.
“We are delighted to complete this loan with Allegiant Real Estate Capital and obtain financing that will allow HAP Investments to fully exploit our East Harlem portfolio. Said Eran Polack, CEO of HAP Investments. “As a longtime New Yorker, and someone who has spoken openly about my belief in New York’s economic recovery, it is encouraging to see this level of activity in the real estate market.”
HAP Investments recently launched a local shopping incentive program for apartment building residents with the goal of helping the city’s economic recovery. The program offers up to $ 1,000 in rent credits to building residents for shopping and eating locally, and will provide additional rent discounts to the top three residents who make the most effort to shop locally during the program. .
HAP Investments’ comprehensive portfolio of properties includes 10 buildings located throughout the New York metropolitan area, including The Maverick, a two-building mixed-use luxury residential development located in the Chelsea neighborhood of Manhattan.
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