Vaya Development Secures $483.3M Loan For Nine Multifamily Buildings In East Harlem

The transaction involves the acquisition of nine residential buildings located at 307 314 East 117th Street, 110 East 129th Street & 1980 Lexington Avenue in East Harlem, Manhattan. The properties total 1,150,519 square feet and comprise 1,058 units. A construction loan of $483,300,000 was secured for the comprehensive rehabilitation and acquisition of these multifamily assets.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $483,300,000
• Market: East Harlem, Manhattan
• Lender: Merchants Capital, New York City Housing Authority, and NYC Housing Development Corporation
• Landlord: Vaya Development
• Financing Entity: Harlem PACT Partners LLC

The deal is orchestrated by Vaya Development, which operates through Harlem PACT Partners LLC. The secured financing from multiple lenders underscores a collaborative effort to enhance the residential landscape in East Harlem through this substantial loan arrangement.