Lemor Development Group borrows $19M from TD Bank, HPD for multifamily construction in Central Harlem

Harrison Rayford’s Lemor Development Group through the entity Balton Commons LLC as borrower signed a loan agreement with lender TD Bank, NYC Housing Preservation and Development and Walker & Dunlop valued at $18.7 million for 3 parcels, including vacant land (V1) at 267 West 126th Street, 265 West 126th Street, 263 West 126th Street in Central Harlem. The deal closed on November 27, 2019 and was recorded on December 6, 2019.

TD Bank provided $12,850,977 in construction financing, NYC’s HPD provided $5,530,176 and Walker & Dunlop provided $291,750. The Walker & Dunlop piece was assigned to Fannie Mae.

Over the past five years, there has been one NYC Department of Buildings permit application filed for this parcel valued at more than $20,000.There has been one new building permit application totaling 35,782 square feet. Those plans include a total of 37 residential units.
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