Affordable housing development Mannie Wilson Towers in Manhattan’s Harlem neighborhood just received $18.2 million for capital improvements and system upgrades from Merchants Capital New York, a mortgage banking company. Located at 565 Manhattan Avenue, the structure originally debuted in 1892 as Sydenham Hospital, which closed in 1980. Owned by West Harlem Group Assistance, Inc., Mannie Wilson Towers currently provides restricted-income housing to senior residents.
There are 102 one- and two-bedroom units of restricted-income housing for seniors 62 years of age and older that earn 50 percent or less of the area median income in Harlem. Residents have access to supportive services including cleaning, cooking, transportation, and more.
The funding for Mannie Wilson Towers comes in form of a Housing Development Corporation Fannie Mae Risk Share loan. This loan has a 30-year term and a 40-year amortization, and is product of Merchants Capital.
“Closing this unique loan structure signifies Merchants Capital’s unwavering commitment to affordable housing development and preservation in New York City and across the country,” said Mathew Wambua, Merchants Capital vice chair and head of agency lending. “Making these capital improvements to Mannie Wilson Towers will allow the development to provide necessary affordable housing in Harlem for years to come. Preserving this structure is critical, and we are honored to have served as a partner on this project.”
No timeline nor expected date of completion has been announced for the upgrades.