$6.2M loan approved for Harlem U.S.A mall.Chadbourne & Parke LLP LLP - Lower Layer Protocol advised the Upper Manhattan Empowerment Zone Development Corp. (UMEZ UMEZ Upper Manhattan Empowerment Zone ) in its recent issuance of a $6.2 million mezzanine loan to the Harlem U.S.A. mall. The loan was closed in a simultaneous transaction simultaneous transaction See riskless transaction. with ABS Greenwich Capital, which provided a $57 million refinancing mortgage on the property. Greenwich plans to securitize the 10-year loan. Cindy Wenig, a partner in the real estate practice of Chadbourne & Parke, represented UMEZ in the transaction, which was its first mezzanine loan. The 282,000-SF shopping center, located at 125th Street and Frederick Douglass Blvd., is owned by a joint venture of Grid Properties and Gotham Organization, which are using part of the funds to pay off a maturing $47 million construction loan from J.P. Morgan Chase. Harlem U.S.A. features such major retailers as Old Navy, Disney, and HMV HMV His Master's Voice HMV High Mobility Vehicle HMV High Mileage Vehicle HMV High Molecular Weight HMV Heavy Maintenance Visit HMV Hazardous Materials Vault (military vault for dangerous materials) HMV Heavy Military Vehicle Records as well as a ninescreen Magic Johnson theater. |
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