PRESS RELEASES - NYCRC FINANCING Print
NYCRC TO PROVIDE FUNDING FOR MIXED-USE DEVELOPMENT IN WASHINGTON HEIGHTS
NEW YORK, NY – July 1, 2013 – The New York City Regional Center (“NYCRC”) is pleased to announce that it will provide a $17.5 million loan to Edge Property Group to assist with the construction of a new 12-story, approximately 38,000 square foot mixed-use commercial building in Washington Heights to serve the needs of nearby Columbia University Medical Center and New York Presbyterian Hospital. The loan will help finance the construction of a 54-room hotel as well as approximately 15,000 square feet of medical office space.
The development is located within the Upper Manhattan Empowerment Zone, one of nine empowerment zones established to revitalize distressed communities by using public funds and tax incentives as catalysts for private investment. NYCRC’s financing is helping to bring much needed medical offices space and hospitality options to Washington Heights.
“The NYCRC is proud to provide funding to assist with the construction of this important development initiative in Washington Heights,” said Paul Levinsohn, Managing Principal of the NYCRC.
“This is our second loan to aid development in Washington Heights, a section of Upper Manhattan in need of continued investment,” added George L. Olsen, Managing Principal of the NYCRC.
The NYCRC was approved by the United States Citizenship and Immigration Services (USCIS) in 2008 to secure foreign investment for real estate projects within Brooklyn, Queens, Manhattan, and the Bronx. NYCRC is the first regional center approved in New York City. The NYCRC works in conjunction with the government and designated developers to fund critical economic development projects in New York City.
NYCRC has become an important contributor to New York City’s economic revitalization by helping to fund a series of public/private real estate projects that create much needed jobs. NYCRC projects include EB-5 funding to assist with the redevelopment of the Brooklyn Navy Yard, New York City’s largest industrial park, as well as funding to assist with the expansion of Steiner Studios, the city’s largest film and television production facility. The NYCRC has also provided capital for key components of the Atlantic Yards project as well as the redevelopment of Downtown Brooklyn’s central business district. The NYCRC is assisting with the redevelopment of the George Washington Bridge Bus Station and the continuing efforts to revitalize New York City’s East River waterfront and the Bronx business corridor.
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