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Major investor to bankroll new Harlem developments.

Apollo Real Estate Advisors, Carver Federal Savings Bank and Harlem Congregations for Community Improvement have formed a partnership for real estate investment and development in Upper Manhattan, the companies announced.

According to the terms of the alliance, Carver will have the opportunity to underwrite or be a part of the underwriting syndicate for Apollo transactions, including acquisitions, construction and permanent financing in Upper Manhattan.

Carver will also have the opportunity to provide homebuyer financing for any new residential projects created in Upper Manhattan; to maintain operating and reserve accounts for multi-family dwellings; and to maintain lease security deposit accounts for multi-family apartment and mixed-use buildings.

HCCI will provide job training through its Construction Trades Academy and other work force development programs and will propose candidates for construction and permanent jobs generated by Apollo's real estate projects, with the goal of targeting employment to Upper Manhattan residents.

Apollo, co-developer of Time Warner Center, is one of the most active real estate investors in the world, overseeing the investment of nearly $5 billion in equity over the past 12 years. According to Richard Mack, Apollo managing partner, the firm has acquired over $60 million in assets in Upper Manhattan, the Bronx, Brooklyn and Queens in the past six months. Apollo is looking to invest approximately $300 million in equity in all five boroughs of New York City in the next few years.

"In the last few years, we have been focusing on our home market of New York, particularly in emerging neighborhoods of the city," Mack said. "We feel Upper Manhattan is another terrific area for growth and we're very excited about this partnership."

"We look forward to working with Apollo and HCCI in an alliance that we believe represents enormous potential for our community," said Deborah Wright, chairman and CEO of Carver Federal Savings Bank. "We applaud Apollo's recognition that local insight is an important ingredient in promoting successful real estate development in New York's inner cities. This important alliance will also be an important ingredient in ensuring that local residents and institutions benefit from the tremendous opportunities ahead of the Upper Manhattan communities."

"We're very pleased to be able to contribute our expertise and to work with Apollo, Carver and the community to help increase local participation in the jobs created by Apollo's development activities," said Lucille McEwen. president and C.E.O. of HCCI.
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Publication:Real Estate Weekly
Geographic Code:1USA
Date:Aug 24, 2005
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