UMEZ is committed to investing in historically underserved communities and low- to moderate-income neighborhoods, helping drive economic opportunity and community development across Upper Manhattan and New York City. We offer a range of targeted loan products to support real estate development and business growth

Purpose: Financing a range of predevelopment costs to help build government backed projects.
Max Loan Amount: $2Million
Max Loan Term: 3 Years
Repayment: Interest only. Repayment due upon maturity
Collateral: Real estate; corporate guarantees; and/or personal guarantees.
Purpose: Financing the new construction of community-focused mixed-use commercial projects through collaborative partnerships with community stakeholders and developers.
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
Purpose: Financing provided to businesses and not-for-profits for working capital, expansion of a commercial space, leasehold improvements, and acquisition of equipment.
Max. Loan Amount: $2Million
Max. Term: 7 years
Repayment: Principal & Interest
Collateral: Business assets; corporate guarantees; personal guarantees
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
Purpose: Financing of working capital to for-profit businesses
Max. Loan Amount: $1Million
Max. Loan Term: 2-year revolving line of credit with a required annual goodwill paydown
Repayment: Interest only. Principal repayment due at 12 months and maturity
Collateral: Business assets; corporate guarantees; personal guarantees

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Iconic Projects

Harlem USA

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.

George Washington Bus Terminal

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.

East River Plaza

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.

Business Investments

Predevelopment

Construction

Term

Bridge

Line of Credit

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Iconic Projects