Bravo Property Trust Provides $80M Construction Loan for 194-Unit East Harlem High-Rise

Bravo Property Trust, the balance sheet lending affiliate of Bravo Capital, has financed an $80 million construction loan for a 194-unit Class A multifamily high-rise at 2201 3rd Avenue in East Harlem, New York, the firm announced Oct. 13.

The borrower is Glowstone Group, led by David Goldberger. The financing will fund construction of a 22-story mixed-use tower scheduled for completion in early 2028.

Bravo Property Trust Loan Details

The $80 million construction financing supports a new residential tower in what the firm describes as a supply-constrained New York City market with strong renter demand. The loan equates to roughly $412,000 per planned apartment, although the proceeds also cover ground-floor retail, community-facility space and common areas.

"This was exactly the kind of asset we look for: a high-quality multifamily development in a supply-constrained New York City market, with strong renter demand and proximity to major employment centers. It is an area with a lot of potential. With this financing, Bravo continues to support high-quality multifamily properties in dynamic urban markets," said Aaron Krawitz, founder and CEO of Bravo Property Trust.

2201 3rd Avenue: Unit Mix, Retail and Amenities

The 22-story building will contain 194 apartments on floors two through 22. The unit mix includes 12 studios, 103 one-bedroom apartments and 79 two-bedroom apartments; one- and two-bedroom units together account for 182 apartments, or about 94% of the residential program.

The ground floor will include two retail spaces totaling approximately 4,510 square feet, along with a separate community-facility component. Planned amenities include a gym, co-working space, children's playroom, pet spa, library, lounge, bike storage, package room, terraces and a landscaped roof deck.

The property is served by the 4, 5, 6, 2 and 3 subway lines, as well as Metro-North at Harlem-125th Street.

New York Multifamily Market Context

The financing comes as New York City multifamily transaction activity has strengthened. Through the first three quarters of 2026, transaction volume rose 11.5% to 1,044 transactions, while dollar volume reached $6.99 billion, up 7.9% from the same period in 2025.

New supply remains limited. Developers proposed 8,064 multifamily units in the second quarter of 2026, less than half the city's stated quarterly target of 17,500 units.

Financing conditions have shifted as well. New multifamily mortgage rates averaged 6.13% in 2026, down 59 basis points, while average maximum loan-to-value ratios increased to 73.6% from 72.5%. Vacancy and collection losses, however, rose to 5.0% from 3.14%.

In the free-market segment, multifamily buildings accounted for $2.82 billion across 119 New York City transactions year-to-date in 2026. Dollar volume was down 6% even as deal count rose 12%. Buyers are underwriting cash flow under the post-Housing Stability and Tenant Protection Act environment, in which vacancy increases and deregulation opportunities are more limited.

About Bravo Property Trust and Bravo Capital

Bravo Property Trust provides construction, bridge, Bridge-to-HUD and mezzanine loans for multifamily and healthcare properties. The firm and its affiliate Bravo Capital have financed more than $2.5 billion of primarily multifamily and healthcare real estate transactions nationwide.

Other recent New York City lending cited by the firm includes a $125 million bridge loan on Pearl Street in Brooklyn, a $36.75 million bridge loan on Amsterdam in Brooklyn and a $23 million bridge loan for multifamily property at 1622 New York Avenue in Brooklyn.

With completion targeted for early 2028, the 2201 3rd Avenue tower will add 194 apartments to East Harlem's rental inventory.

Sources

• Bravo Capital: https://bravocapital.com/east-harlem-80m-construction-loan/