UMEZ lending products can help finance predevelopment and new construction as well as working capital for businesses and not-for-profits; including equipment and expansion of commercial space — across upper Manhattan and citywide. Learn more below
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Purpose: Predevelopment costs for identified projects with government support.
Max Loan Amount: $2Million
Max Loan Term: 3 Years
Repayment: Interest only. Repayment due upon maturity
Collateral: Flexible collateral required for loans above $500K
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Purpose: Financing new construction of mixed-use projects with a community focus
Max. Loan Amount: $10Million (Upper Manhattan); $2Million (Citywide)
Max. Term: 3 years
Repayment: Interest only. Repayment due upon maturity
Collateral: Real estate corporate guarantees; personal guarantees
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Purpose: Financing to businesses and not-for-profits for working capital, expansion of commercial space and acquisition of equipment.
Max. Loan Amount: $2Million
Max. Term: 7 years
Repayment: Principal & Interest
Collateral: Business assets; corporate guarantees; personal guarantees
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Purpose: Financing to not-for-profit businesses to bridge government grants
Max. Loan Amount: $10Million(Upper Manhattan); $2Million(Citywide)
Max. Term: 3 years (Upper Manhattan); 2 years (Citywide)
Repayment: Interest only. Repayment due upon maturity
Collateral: Assignment of government grants and business assets
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Purpose: Financing of working capital to for-profit businesses
Max. Loan Amount: $1Million
Max. Loan Term: 2 years revolving with a 12 month clean-up
Repayment: Interest only. Principal repayment due at 12 months and maturity
Collateral: Business assets; corporate guarantees; personal guarantees
Iconic Projects
Southern Face Tower Rendering courtesy of Aufgang Architects, LLC
UMEZ closed on a $10 million loan in 2015 to finance the redevelopment of the decommissioned Victoria Theater. The Victoria Tower will replace the legendary theater, neighboring the Apollo Theater on 125th Street. The development is expected to create significant benefits for Upper Manhattan, including the creation of approximately 575 construction jobs and 373 full-time positions. The project will have a significant impact on unemployment in the area, since many of the permanent positions are introductory jobs that will enable local residents to enter the workforce. An additional benefit of the project is the creation of 95 affordable housing residential rental units.
Harlem USA is a 275,000 square foot shopping complex at 125th Street and 8th Avenue. The Harlem USA project was financed by a combination of public and private investment, including a $11.2 million loan from UMEZ. The complex contains the Magic Johnson Theatres, New York Sports Club, and Old Navy among other retailers. Construction on the shopping complex generated 200 jobs with another 500 permanent jobs created for community residents. Harlem USA helped increase the area’s visibility and enhance business activity in the community through increased foot traffic.
Photo: Rosemary Santos
UMEZ announced that developers closed on a $5 million loan to assist with financing the commercial renovation of the George Washington Bridge Bus Terminal in 2018. The $108 million renovation of the commercial space was led by experienced developers, SJM and Slayton Ventures, to modernize the bus facilities and create over prime retail space for both local businesses and large retailers. The renovation will benefit the area from increased economic activity because of the accessibility improvements and expanded retail offering.
UMEZ provided a $15 million loan and $40 million in Empowerment Zone Bonds to East River Plaza. East River Plaza was the first big-box retail center with storefront parking in Manhattan. East River Plaza is located in East Harlem and encompasses approximately 6.2 acres along FDR Drive between 116th and 119th Streets. The 1.2 million square foot development includes roughly 482,000 square feet of retail space on 5 floors, a parking facility, and a small office building. The project created 1,200 permanent full-time jobs and 1,000 construction jobs.