Richman Group has landed a $188.5 million financing package to construct of one of the biggest projects coming to New York City.
The loans for 201 East 125th Street in East Harlem come from Citigroup, the Department of Housing Preservation and Development and the New York City Housing Development Corporation, according to the Commercial Observer. Freddie Mac has also agreed to provide the project with a credit enhancement on a future permanent financing agreement.
The project will stand 19 stories tall and contain 404 units across 421,000 square feet, including 61,000 square feet of ground-floor retail. S9 Architecture is designing the project, which was the largest filed in New York City in December. [CO] – Eddie Small