UMEZ is committed to investing in historically under-resourced and low- to moderate-income neighborhoods across Upper Manhattan and New York City. We offer a range of loan products to help build and strengthen vibrant communities.

Best for: Developers planning a real estate project that will receive government funding
Purpose: Financing early-stage expenses incurred before construction begins including fees for studies and reports such as appraisals, and feasibility, environmental, and engineering studies, permits, design and other professional fees, and similar costs.
Max Loan Amount: $2Million
Max Loan Term: 3 Years
Repayment: Interest-only during the term of the loan; principal repaid at maturity
Collateral: Corporate and/or personal guarantees; real estate, if available
Best for: Developers undertaking projects involving new construction or renovation of properties.
Purpose: Financing the hard and soft costs incurred in developing commercial, community services, or mixed-use properties.
Max. Loan Amount: $10Million (Upper Manhattan); $2Million (Citywide)
Max. Term: 3 years
Repayment: Interest-only during the term of the loan; principal repaid at maturity
Collateral: Real estate; corporate and/or personal guarantees
Best for: Operating businesses and not-for-profits seeking to move or expand
Purpose: Financing for working capital, leasehold improvements, and equipment acquisition.
Max. Loan Amount: $2Million
Max. Term: 7 years
Repayment: Principal and interest paid over the term of the loan
Collateral: Business assets; corporate and/or personal guarantees
Best for: Not-for-profit organizations undertaking real estate projects funded in part with government capital grants.
Purpose: Financing to cover capital project expenses while awaiting receipt of government grants
Max. Loan Amount: $10Million (Upper Manhattan); $2Million (Citywide)
Max. Term: 2 years
Repayment: Interest-only during the term of the loan. Repayment due upon maturity or receipt of expected grants
Collateral: Assignment of government grants; business assets
Best for: Businesses that need access to flexible working capital
Purpose: Revolving credit line for working capital needs
Max. Loan Amount: $1Million
Max. Loan Term: 2 years
Repayment: Interest-only; principal paydown at 12 months and maturity
Collateral: Business assets; corporate and/or personal guarantees

Iconic Projects

Harlem USA

Harlem USA is a 275,000 square foot shopping complex at 125th Street and 8th Ave. The 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.

Talk to Us!

businessinvestments@umez.org

Business Investments

UMEZ is committed to investing in historically under-resourced and low- to moderate-income neighborhoods across Upper Manhattan and New York City. We offer a range of loan products to help build and strengthen vibrant communities.

Predevelopment

Construction

Term

Bridge

Line of Credit

Iconic Projects

Talk to Us!