Bravo Property Trust provided an $80 million construction loan to the developer of a tower in East Harlem, according to Multifamily & Affordable Housing Business.
The report identifies Bravo Property Trust as the lender and the project site as East Harlem but, per that outlet's account, does not name the borrowing developer, the exact address, or a general contractor in the portion available. An $80 million construction loan is sized for a market-rate or mixed-income tower well beyond a typical infill building — the kind of deal that supports hundreds of units when spread across a Manhattan land cost basis.
East Harlem has been one of the more active rezoned corridors in Manhattan for new multifamily construction, and NYCEDC's own RFP for a roughly 140-unit mixed-income development at East 125th Street — closing today, October 20, per the agency's posting — shows the neighborhood is drawing both public and private capital at the same time.
A construction loan closing is the signal that a project is about to mobilize: site logistics, permit applications, and subcontractor outreach typically follow within weeks of a loan like this closing, not months.
What to do next
GCs and trade contractors working East Harlem should watch DOB's permit portal for new applications at East Harlem addresses over the next month — an $80 million loan this size means a GC selection and sub bid packages are likely imminent. Suppliers and subs should also track NYCEDC's parallel East 125th Street RFP, since both signal the corridor is drawing serious construction dollars from public and private sources at the same time.