NEW YORK CITY — Merchants Capital has provided $104 million in financing for Harlem River Houses I and II, a 690-unit affordable housing community located between West 151st and West 153rd streets in Manhattan. The buildings were constructed in the mid-1930s and were added to the National Register of Historic Places in 1979.
The financing structure consists of a straight-to-permanent New York City Housing Development Corp. (NYCHDC) loan crafted by the NYCHDC, Freddie Mac and Merchants Capital. The borrower, a joint venture between the Settlement Housing Fund and West Harlem Group Assistance, will use a portion of the proceeds to fund capital improvements and preserve affordability. Upon completion of the renovation, the property will offer 693 apartments across eight residential buildings that will house more than 1,400 residents
Renovations will include upgrades to apartments, common areas and elevators, as well as security and heating systems. Upgrades in units will include new kitchens, bathrooms, floors and appliances, along with updates to windows and building exteriors. Sidewalks, gardens and sculptures within the property grounds will be restored, and new playgrounds, benches and activity spaces will be installed. Additionally, all electrical, mechanical and plumbing systems will be renovated or replaced.