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HAP refinances Harlem portfolio with $77M Allegiant loan

HAP Investments has secured a $76.75 million loan from Allegiant Real Estate Capital to refinance HAP Investment’s robust East Harlem portfolio.

“We are excited about HAP’s commitment to New York City and East Harlem, in particular, and are thrilled to be a partner in their efforts,” said Randy Reiff, CEO of Allegiant Real Estate Capital.

2338 Second Avenue

The refinanced properties are located at 2338 Second Avenue, 329 Pleasant Avenue, and 2211 Third Avenue (pictured top) in East Harlem, NY. This portfolio of buildings is home to almost 160 apartments and contains leased retail spaces.

HAP Investments’ efforts to secure this loan were led by Andrea Lawrence, Deputy CEO and General Counsel, and Will Wang, the firm’s CFA. Smith, Gambrell & Russell, LLP’s Moty Ben Yona, Partner, and Amanda Attenasio, Associate, served as legal representation.

329 Pleasant Avenue

“We are thrilled to close this loan with Allegiant Real Estate Capital, and secure funding that will allow HAP Investments to bring our East Harlem portfolio to its full potential.” said Eran Polack, CEO of HAP Investments. “As a long-time New Yorker, and someone who has spoken openly about my belief in the economic recovery of New York, it is encouraging to see this level of activity in the real estate market.”

HAP Investments recently launched a shop local incentive program for building residents in an effort to aid in the city’s economic recovery. The program offers up to $1,000 in rent credits to building residents for shopping and dining locally and will provide additional rent discounts to the top three residents who make the most effort to shop local during the program.

HAP Investments’ complete portfolio of properties includes 10 buildings located throughout the New York City metropolitan area, including The Maverick, a mixed-use luxury residential development comprised of two buildings located in the Chelsea neighborhood of Manhattan.

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