Carthage gets $79M construction loan from Bank Leumi for Central Harlem development

Carthage Real Estate Advisors through the entity Carthage 124th L.P. as borrower signed a loan agreement with lender Bank Leumi valued at $79 million for 2 parcels at 234 and 224 West 124th Street in Central Harlem. The deal closed on January 26, 2021 and was recorded on February 11, 2021.

The $79 million Bank Leumi financing pays off and reduces a $24 million land loan given in 2018 by Goldman Sachs and adds a $45.3 million building loan and a $13.5 million project loan. The project is led by Carthage Real Estate Advisors, however Solomon Feder is the signatory for the loan documents, while Edward Poteat, president of Carthage, was the signatory for the regulatory agreements. The last time the property sold was December 19, 2017 for $27,750,000.

There has been one new building permit application Those plans include a total of 149 residential units.

Direct link to Acris document. link
The signatory for the buyer or lender was Roger Rofe