MADDD Equities is set to press ahead with a new Harlem apartment development after closing on a $15 million loan for the acquisition of the final site.
Brad Domenico, partner at Progress Capital arranged the loan for 124-132 East 125th Street. Metropolitan Bank provided the financing at a two-year interest only rate.
According to Domenico, acquiring the parcel was crucial to Jorge Madruga, principal of MADDD Equities, who is planning to merge the site and its air rights with the neighboring owned properties to allow for a larger development site.
MADDD acquired the site for $15 million last November from the DREAM Charter School, for whom the developer is building a new school at the former Ruppert Ice House at 18-22 Bruckner Boulevard in Mott Haven.
MADDD is planning to build a ground-up development on the 125th street corner site that will include retail/commercial and community facility uses. Situated on the corner of Lexington Avenue and 125th Street in Harlem, the property is within walking distance of public transportation and recreational parks, such as McNair Park, Alice Kornegay Triangle and Harlem Art Park.