Wells Fargo backs Harlem development project

Wells Fargo is providing $59.5m in construction financing for a new mixed-use development set to rise at the site of an old BP gas station in Manhattan’s Harlem neighborhood.

The project at 2040 Frederick Douglass Boulevard calls for a 12-story, 90,000 sq ft mixed-use building with a curved glass facade, 50 apartments and additional retail space.

Artimus Construction paid $25m for the site in 2013 after winning a request for proposal process initiated by the New York City Economic Development Corporation (NYCEDC).

The NYCEDC is a city-contracted not-for-profit organization that promotes economic growth across New York City.

As part of the deal resulting from the RFP win, Artimus promised to create affordable units and a community component; at the time that entailed a new home for Harlem-based Millennium Dance Company and at least 20% affordable apartments. Artimus could not be reached for this story.

The firm has a wealth of up-and-coming projects in Harlem, surrounding neighborhoods and elsewhere in Manhattan, most of which are also residential rental properties with some retail component.

The firm has constructed over three million sq ft of mid-rise and high-rise projects that include residential, commercial, retail, and mixed-use properties.

Wells Fargo is a top commercial real estate lender, clinching the number one spot in the Mortgage Bankers Association’s Commercial Real Estate/Multi-family Finance Firms – Annual Origination Volumes report with $50.3bn of financings in 2014.

The bank has held the top spot since 2009, after sharing the accolade with Bank of America in 2008.