The Real Deal New York

Jeff Sutton gets $95M loan for Harlem retail project

Whole Foods anchoring six-story building
July 29, 2014 08:00AM

Jeff Sutton’s Wharton Properties received a $95 million construction loan to develop a six-story, 33,000-square-foot Harlem retail building to be anchored by Whole Foods. Natixis Real Estate Capital provided a three-year, interest-only loan that comes with two options to extend it for a 12-month period. The site at 100 West 125th Street, near Lenox Avenue, will hold Whole Foods as well as Olive Garden, TD Bank, Burlington Coat Factory and American Eagle. All leases are for 20 years; the building is 77 percent pre-leased, the New York Observer reported. Sutton broke ground earlier this year on the project. The total retail space will be about 200,000 square feet, sources told the Observer. [NYO]Mark Maurer