Predevelopment Financing for Modular Passive House New Construction in East Harlem in the Bronx

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NYCEEC provided an approximately $3,000,000 bridge loan to Assembly OSM, an early-stage company that is focused on building highly efficient and sustainable urban new construction through innovative modular processes. NYCEEC’s loan proceeds will bridge design, engineering, and supply chain expenses during the ramp-up period prior to the anticipated construction start date at the end of Q2 2024. The development is located in East Harlem, New York and will qualify for the New York 421-a tax abatement with 25% of the units regulated at 60% of AMI.

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