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Enhanced Capital Provides Brownfield Tax Credit Financing to Support Mixed-Use Development

April 4, 2019 West Harlem , NY

A multimillion-dollar, mixed-use development in West Harlem, New York, is among the latest development activity transforming the neighborhood.

“West Harlem continues to grow, but the financing for this project had stalled,” explained Jon Burckin, principal at Enhanced Capital. “Our team collaborated with several stakeholders and partners to deliver flexible capital options that are making this project a reality.”

Enhanced Capital provided an 18.2 million bridge loan supported by state brownfield tax credits to finance the construction of the new 13-story, 211,893 square-foot building. The space will include 155 condominiums, a grocery store, a rooftop lounge, fitness facilities, a lap pool, and more.

“This was a standout opportunity to support a highly experienced sponsor building a high-quality, centrally-located asset in prime West Harlem,” Josh Zegen, managing principal at Madison Realty Capital, told the Commercial Observer. “The financing allows the developer to secure the asset, go vertical very quickly and successfully complete the project within 18 months.”

The redevelopment is slated for completion in 2020 and will join additional economic revitalization projects in the area, including a new 32-story condo building, a Whole Foods and the expansion of Columbia University.

Read more about Enhanced’s investment in this project in a recent article.