New York City-based development firm Artimus has successfully secured $210 million in financing for the construction of a mixed-use apartment building in West Harlem. The funding was provided by Valley National Bank through three loans, including a senior note worth $122.7 million, a note worth $55.2 million, and a subordinate note totaling $32 million. Yoav Haron, partner at Artimus, signed the loan agreements.
In collaboration with Grid Group, Artimus plans to erect a 28-story tower at 1440 Amsterdam Avenue near West 131st Street. The project will feature approximately 490 units and include an enclosed parking facility with space for 273 vehicles. Previously owned by Lefkas Realty and used as NYCHA’s parking lot, the site falls under New York’s expired affordable housing program known as “421a,” which mandates that at least 30 percent of units be designated for affordable living.
The article “Harlem Apartment Tower Secures $210M Construction Loan” was originally published on Connect CRE.
