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LISC NYC CLOSES $6.5M DEAL FOR AFFORDABLE HOUSING DEVELOPMENT IN CENTRAL HARLEM

As Harlem continues to build itself out of the pandemic-induced economic crisis that devastated countless BIPOC neighborhoods, LISC NYC, a New York City-based non-profit, closed a $6.5 million construction financing deal for 169 units of new affordable housing, along with space for retail and the new LGBTQ Center of Harlem.

The LISC NYC loan was secured by Carthage Real Estate Advisors, LLC, a leading MBE developer of workforce housing in the Greater New York metropolitan area, through the NYC Acquisition Fund. The NYC Acquisition Fund facilitates the production and preservation of affordable housing across the five boroughs by offering flexible financing to non-profit and M/WBE developers of affordable housing.

The LGBTQ Center of Harlem will open its doors on the ground-level of the development in 3,500 sq. ft. of space, offering community programming, social services, and resources for the neighborhood’s diverse and thriving LGBTQ community.

“We’re grateful to help create affordable and quality housing opportunities in Central Harlem – in a neighborhood where it’s needed most,” said Janet Lorn with the Community Capital Investments Team at LISC NYC. “Despite their unmatched resiliency and entrepreneurial spirit, neighborhoods like Harlem have been some of the most impacted by the COVID-19 pandemic, which is why we’re excited to continue to help build for this community’s vibrant future. It’s partnerships like this that make a difference in community development.”

“We envision Marcus Garvey Apartments as a new anchor in the Central Harlem community,” said Edward Poteat, President of Carthage Real Estate Advisors. “Besides affordable housing, we are creating artistic space on our rooftop for up-and-coming artists as well as community space for the growing LGBTQ community. We’ve worked on this development since 2015 and the LISC loans provides critical capital for us to continue to carry this project through to its completion.”

Of the 169 units of affordable housing that will be developed at The Marcus Garvey Apartments, some 41 units will be set aside for Central Harlem residents and 51 units will receive HPD’s NYC 15/15 Rental Assistance, which targets the most vulnerable homeless New Yorkers in need of supportive housing.

Since its inception in 1999, Carthage Real Estate Advisors, LLC has developed or is in the planning stages to develop more than 1500 units of affordable housing.

Construction is anticipated to begin in June of 2022.

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