Developers Secure $167.5M for Victoria Tower Residences at 233 West 125th Street in Central Harlem, Manhattan

Lam Group and Exact Capital Group have closed on a $167.5 million construction loan to refinance Victoria Tower Residences, a 26-story mixed-use rental property in Central Harlem. The building is located at 233 West 125th Street, a site formerly occupied by the historic Victoria Theatre.

“Projects like this don’t come around often,” said David Schwartz, principal of Slate Property Group, which completed the loan to refinance the ground-up construction. “This development both provides critical affordable housing and supports a project of cultural and historical significance to our home market of New York City.”

Financing was arranged by Two Bins Capital.

Designed by Aufgang Architects, the new building comprises 191 apartments, including 103 units set aside for affordable housing ranging from 50 to 130 percent area median income (AMI). Amenities include doorman service, laundry facilities, a fitness center, a lounge, a media room, rooftop access, and on-site parking.

Originally built in 1917, the Victoria Theater’s lobby was restored to serve as the entrance and lobby for the new property. The building will also house a new venue that will be operated by New York’s iconic Apollo Theatre, as well as a 210-key Marriott Renaissance hotel, 24,000 square feet of retail space, and another 25,000 square feet of cultural and arts space.

Construction topped out in 2019.

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