Gamma Real Estate has closed on senior debt financing for HAP Investments LLC on an Upper Manhattan parcel where HAP will construct a residential and retail property.

The $11.5 million loan is for a 24,117 s/f development site at 4452 Broadway in the Hudson Heights section of Manhattan, near Fort Tryon Park and The Cloisters museum.

The currently vacant site sits where Broadway intersects with Fairview Avenue and West 190th Street, and has direct access to the A and No. 1 subway lines. The parcel currently is vacant.

ERAN POLACK

ERAN POLACK

“We are very pleased with the speed and efficacy with which Gamma helped us refinance the property,” said Eran Polack, CEO of HAP’s New York operations and co-founder of the company.

Gamma president Jonathan Kalikow said his firm was “delighted to be assisting HAP and eager to contribute to its expanding presence in the New York metropolitan area. HAP has become an important player in community growth in this area.”

HAP Investments has approximately two million square feet completed or in development in New York City. Among the firm’s other projects in development are 215 West 28th Street in Chelsea; a 21-story, two-building blend of rental and condominium residences near the High Line; and HAP Tower, an approximately 900,000 s/f rental and retail building in the Journal Square section of Jersey City, near the PATH station.

To be known as HAP SEVEN, the development at 4452 Broadway will bring 206 apartments and retail to a development designed by Karl Fischer Architects.

Pictured top: Early rendering of the 4452 Broadway development