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NEW YORK CITY-Fleet Real Estate Finance Group, a unit of Fleet National Bank, arranged $42.7 million in financing for Strivers Gardens Realty LLC toward the construction of Strivers Gardens, a 169-codominium unit with 37,000 sf of retail space and underground parking.

The building is located on Frederick Douglas Boulevard between West 134th and 135th in Central Harlem, sponsored by the Greater Harlem Chamber of Commerce. Fannie Mae is participating in Fleet’s construction loan. The site is designed by Davis Brody Bond LLC and constructed by BRF Construction Corp. The first units are expected to be ready for occupancy by fall 2004 with a total development cost of $67 million.

Strivers Gardens is being developed under the Alliance for Neighborhood Commerce Home Ownership Revitalization program, which is administered jointly by the city’s Department of Housing Preservation and Development and the New York City Housing Partnership. ANCHOR promotes the development of mixed-use projects in low- and moderate-income neighborhoods.

In compliance with HUD mandates, 75% of the units in Strivers Gardens have been earmarked for households with income under $110,000. Additional funding for this development includes various subsidies from HPD, the New York City Housing Development Corp., the Upper Manhattan Empowerment Zone, HUD and the Empire State Development Corp.

“Strivers Gardens represents the third ANCHOR project in Harlem to date and Fleet has played a key role in each, including 1400 on 5th and the Renaissance at 116th and Lenox,” says Philip Grossman, EVP and market manager, Community Real Estate Finance at Fleet. “Our participation in these types of projects supports our commitment to preserving the integrity of and providing new housing opportunities for our inner city and low- to moderate-income neighborhoods.”

Strivers Gardens Realty is an entity controlled by Bernard and Robert Friedman. Since 1998, Fleet has provided nearly $1 billion in financing resulting in more than 9,400 units of affordable housing and over one million sf of commercial space in New York City.

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