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Citigroup partnership provides $188.5M loan for Richman's NYC project

The Richman Group secured $188.5 million in public and private financing for the construction of its mixed-use development in East Harlem, New York City, Commercial Observer reported, citing property records.

A collaboration between the New York City Housing Development Corp., the city's Department of Housing Preservation and Development and Citigroup Inc. provided the loans for the 19-story, 404-unit project on 201 E. 125th St., according to the publication.

The transaction for the three-category loan closed on the eve of Jan. 1, the Jan. 11 report added.