LXMD & Dasha Zhukova Secures $86.5M Bridge Loan From Prime Finance For Development In Harlem

The asset involved in this transaction is a development site located at 2035 5th Avenue in the Harlem market of Manhattan. The project, Ray Harlem, aims to be a 222-unit mixed-use development. The loan amount for this project is $86,500,000, secured through bridge financing from Prime Finance, which replaces an $80,000,000 construction loan obtained in 2022.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $86,500,000
• Lender: Prime Finance
• Landlord: LXMD & Dasha Zhukova
• Broker: Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Reimer, Ari Hirt & Nicholas Gilhooley - Walker & Dunlop

This joint venture between LXMD and Ray, founded by Dasha Zhukova, has successfully secured bridge debt financing essential for advancing the Ray Harlem project. The financing arrangement highlights the collaborative efforts of several key brokers from Walker & Dunlop, who played a pivotal role in facilitating this transaction.