Business Services Industry
$6.2M loan approved for Harlem U.S.A mall. in issuance of the mezzanine loan
Real Estate Weekly, May 21, 2003
Chadbourne & Parke LLP advised the Upper Manhattan Empowerment Zone Development Corp. (UMEZ) 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 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 Records as well as a ninescreen Magic Johnson theater.
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