HAP Investments, a New York based international real estate investment and development company announced today it closed on a $7.9M senior bridge loan arranged by Guggenheim Commercial Real Estate Finance. The debt will be used to refinance HAP Investments’ recently completed residential rental building located in East Harlem. The 21,500 square foot boutique luxury rental building, 329 Pleasant Avenue also known as HAP 5, is comprised of 20 studio, one and two bedroom units designed by highly regarded and world renowned designer Karim Rashid.

The HAP 5 development is minutes from public transportation and nestled between East Harlem’s trendiest restaurants and one of Manhattan’s largest shopping destinations, East River Plaza, which houses Costco and Target.

“We are very pleased with the speed and creativity with which Guggenheim helped us refinance the HAP 5 property,” said Eran Polack, CEO of HAP’s New York operations and co-founder of the company.

HAP Investments’ primarily focuses on residential property, developing and investing in projects across the globe. The firm has concentrated their most recent investments in the New York Metropolitan area, where they currently have approximately two million square feet, completed or in development.

“We are pleased that our partnership with HAP Investments will contribute to the East Harlem area’s growth in the coming years and are excited to work with one of the pioneers supporting this neighborhood,” said Prashant Raj, Head of Guggenheim Commercial Real Estate Finance.

About HAP Investments

HAP Investments is a New York City-based real estate investment group that specializes in the development of mid-sized residential and commercial properties. HAP works with private investors to create profitable investment opportunities that have a strong prospect for long term upside profits. Formed by longtime Partners and entrepreneurs Eran Polack, Amir Hasid and Nir Amsel, the HAP team brings together a skilled group of businesspeople with broad experience in the global real estate markets, property development, real estate finance and law.

About Guggenheim Commercial Real Estate Finance

Guggenheim Commercial Real Estate Finance, LLC, a Guggenheim Partners company, is a national commercial real estate lending business that sources, underwrites, closes, and services commercial mortgages throughout the United States. GCREF originates a broad array of loan types for multiple capital sources, including Guggenheim Partners’ proprietary portfolio and select managed accounts and fund arrangements, as well as for execution in the capital markets.