Merchants Capital Provides $100 Million Loan For Development Site In East Harlem

The asset involved in this transaction is a development site located at 305 East 101st Street, situated in the East Harlem market. The loan amount secured for this property is $100,000,000, which will support the acquisition, recapitalization, and rehabilitation of the 523-unit Metro North Plaza and Gaylord White Houses.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $100,000,000
• Lender: Merchants Capital
• Landlord: The Community Builders Inc. & Ascendant Neighborhood Development Corporation
• Loan Date: 11/25/2025

This financing is part of a broader initiative to preserve permanently affordable housing through the PACT/RAD program, demonstrating the commitment of the involved parties to support sustainable community development in East Harlem.