Acacia Gardens Housing Development Fund Company obtained financing of $22M from HPD

Acacia Gardens Housing Development Fund Company as borrower signed a loan agreement with lender The City Of New York Hpd valued at $22.0 million for 4 parcels, including the tax class multifamily, semi-fireproof with stores (D7) and containing 179 residential units at 411 East 120th Street, 409 East 120th Street in East Harlem. The deal closed on September 04, 2019 and was recorded on September 10, 2019.
The property contains a total of 191,730 square feet of built space.
The average loan per unit is $122,905.

The DOB issued a new construction (NB) initial temporary certificate of occupancy for the building with 179 residential (or hotel) units on August 24, 2018.
Over the past five years, there have been 2 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There was one renovation/alteration project (A2) applied for with a total estimated value of $345,809.There has been one new building permit application totaling 172,156 square feet. Those plans include a total of 179 residential or hotel units.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link