LIHC Investment signs $25.9M refi loan with Lument for two rentals in Harlem

LIHC Investment Group through the entity 1900 ACP Jr. Blvd., LLC as borrower signed a refi loan with lender Lument through the entity Lument Real Estate Capital, LLC valued at $25.9 million for two properties with 84 residential units including the 45-unit residential elevator building (D1) at 1990 Adam C Powell Boulevard and the 39-unit residential walkup building (C4) at 1995 Adam C Powell Boulevard, both in Harlem, Manhattan.
The deal closed on March 20, 2025 and was recorded on April 29, 2025. The two properties have 91,675 square feet of built space according to a PincusCo analysis of city data. The loan price per built square foot is $282 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for LIHC Investment Group was Charles Gendron .

Prior sales and revenue

The owners according to the Department of Housing Preservation and Development includes Andrew Gendron, head officer and Ran’Ae Bacon, agent. The business entities are Shp Management Corp and 1990 Acp Jr. Blvd, Llc.

Violations and lawsuits

There were no lawsuits or bankruptcies filed against the properties for the past 24 months. In addition, according to city public data, the properties have received $625 in ECB penalties, seven housing violations, and $4,430 in OATH penalties in the last year.

Development

There are no active new building construction projects or major alteration projects with initial costs more than $1 million on this tax lot.

The block

On the tax block of 1990 Adam C Powell Blvd, PincusCo has identified the owners of seven of the 14 commercial properties representing 215,004 square feet of the 441,281 square feet. The largest owner is Artimus, followed by L+M Development Partners and then NYC Department Of Education.
There are no active new building construction projects on this tax block.

The majority, or 52 percent of the 441,281 square feet of built space are elevator buildings, with walkup buildings next occupying 31 percent of the space.

The borrower

The PincusCo database currently indicates that LIHC Investment Group owned at least 18 commercial properties with 2,192 residential units in New York City with 2,451,951 square feet and a city-determined market value of $249.2 million. (Market value is typically about 50% of actual value.) Within the portfolio, the bulk, or 92 percent of the 2,451,951 square feet of built space are elevator properties, with walkup properties next occupying 7 percent of the space. The bulk, or 60 percent of the built space, is in Bronx, with Brooklyn next at 30 percent of the space.

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