Cushman & Wakefield has secured a $53.2 million construction loan for a new Harlem rental development on the site of the long-vacant Renaissance Ballroom.
Called The Renny, the 134-unit, eight story property has been on the drawing board for over a year.
BRP Development Corporation, a developer of mixed-income and affordable housing developments, purchased the site from the Abyssinian Development Corporation, the development arm of the Abyssinian Baptist Church, for $10 million.
Located at 2341-2349 Adam Clayton Powell Boulevard, the developers plan 134 mixed-income residential units; 17,500 s/f of retail space; 20,580 s/f of community facility space; and 67 parking spaces.
The building is shooting for LEED Silver certification for its environmental design. Planned green elements include solar panels, water saving plumbing systems, energy-efficient boiler and green roofs incorporated in the building’s landscaping. GF55 Partners is the architect for the project, which is set to open in 2017.
Cushman & Wakefield’s Preston Flammang secured the loan to finance the development from Santander Bank. It was collateralized by 2341-2349 Adam Clayton Powell Jr. Boulevard.
“Through targeted marketing, we were able to match our client with a lender who was not only offering the strongest terms in the market, but also someone who would also be a strategic capital partner as they move forward,” Flammang said