HAP lines up $53M construction loan for Washington Heights project

Financing package for 4452 Broadway comes from Madison Realty Capital

New York /
Feb.February 05, 2019 02:00 PM

Josh Zegen and Eran Polack with 4452 Broadway (Credit: HAP Investments)

Eran Polack’s HAP Investments secured a $52.5 million construction loan for a mixed-use development site at 4452 Broadway in Washington Heights.

Madison Realty Capital provided the financing package, which will replace existing debt and cover construction costs, the firm said. Property records show that Gamma Real Estate provided HAP with $11.5 million in financing in 2017.

The developer bought the land in 2013 for $7.3 million, and the firm plans to build a seven-story mixed-use project spanning 134,475 square feet. The project will include 11,000 square feet of retail space and 129 apartments, 30 percent of which will be set aside as affordable.

HAP plans to start construction in April and finish during the third quarter of 2020. Polack said in a statement that the company looks forward “to bringing new, high-quality apartments to the Fort George neighborhood to meet the strong local demand.”

HAP is also planning to build a 41-unit, 19-story condo project in Tribeca at 65 Franklin Street, which it is financing with $32 million from G4 Capital Partners.

Josh Zegen, co-founder of Madison Realty Capital, said in a statement that investment interest was increasing in Washington Heights “due to its strong fundamentals as well as a recent rezoning of its neighboring area, which is increasing the overall density of the region.”


Related Articles

arrow_forward_ios
With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)

Real estate stocks push up this week as U.S.-China trade tensions ease

Real estate stocks push up this week as U.S.-China trade tensions ease
416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case

Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
Clockwise from left: 329 Pleasant Avenue, 419 East 117th Street, 2338 Second Avenue and 2211 Third Avenue with HAP CEO Eran Polack 

HAP Investments pitching East Harlem rental portfolio as $130M upside play

HAP Investments pitching East Harlem rental portfolio as $130M upside play
The Economic Innovation Group identified 145 real estate investments in Opportunity Zones (iStock)

Real estate deals dominate Opportunity Zones. Is that bad?

Real estate deals dominate Opportunity Zones. Is that bad?
Gov. Andrew Cuomo and City Council member Mark Levine (Getty; City Council)

Parts of Manhattan, Staten Island enter lockdowns, but is it enough?

Parts of Manhattan, Staten Island enter lockdowns, but is it enough?
The Grand Hyatt Hotel at 109 East 42nd Street and and  RXR’s Scott Rechler (Wikipedia Commons; Getty)

Grand Hyatt redevelopment could be 1,600-foot supertall

Grand Hyatt redevelopment could be 1,600-foot supertall
A rendering of Gowanus Green and HPD commissioner Louise Carroll (Rendering via Jonathan Rose Companies)

Massive Gowanus development will be 100% affordable

Massive Gowanus development will be 100% affordable
Sheldon Solow (Getty)

Billionaire developer Sheldon Solow dies at 92

Billionaire developer Sheldon Solow dies at 92
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...