Richman Group has landed a $188.5 million financing package to construct of one of the biggest projects coming to New York City.
The loans for 201 East 125th Street in East Harlem come from Citigroup, the Department of Housing Preservation and Development and the New York City Housing Development Corporation, according to the Commercial Observer. Freddie Mac has also agreed to provide the project with a credit enhancement on a future permanent financing agreement.
The project will stand 19 stories tall and contain 404 units across 421,000 square feet, including 61,000 square feet of ground-floor retail. S9 Architecture is designing the project, which was the largest filed in New York City in December.
The Richman Group, the nation’s seventh-largest apartment owner, has completed the demolition of the former Ringling Shopping center site in downtown Sarasota and is preparing to begin construction on a new 222-unit multifamily rental community later this month, officials say.
Kristen Gucwa-Fuechslin, the company’s executive vice president of marketing, says Richman intends to begin construction this month and complete its new project in either April or May 2020.
The nearly 10-acre tract was considered one of the most coveted in all of Sarasota for redevelopment after the decades old, Publix Super Markets Inc.-anchored center withered about a decade ago.
Richman plans a four-story complex with amenities that include a clubhouse and swimming pool, state-of-the-art fitness center and coffee bar for residents. The development also will contain a pair of commercial pad sites, being marketed for sale by commercial real estate brokerage firm Cushman & Wakefield.
Since its formation in 1987, Richman has grown to one of the nation’s foremost multifamily rental developers. The company today owns 1,500 properties containing 115,000 units and has allocated more than $20 billion toward overall development, according to its website.