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Article: Fleet Bank provides construction loan for Harlem project.(funding for new housing project)
- Article from:
- Real Estate Weekly
- Article date:
- March 24, 1999
CopyrightCOPYRIGHT 1999 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Fleet Bank NA, a leading provider of financing to low and moderate income communities in metropolitan New York, has closed a $9.78 million construction loan with the Abyssinian Development Corporation, under the City of New York's Homeworks Program.
The funds will be used toward the gut rehabilitation of some 33 one- to four-family brownstones located between West 118th Street and West 137th Street in the Morningside Heights and West Harlem neighborhoods.
As part of this development, Fannie Mac, through the American Communities Fund, will act as an equity partner, providing over $700,000 to the project. The deal marks Fannie Mac's first equity investment ...