Olshan Represents Assembly OSM in $3M Bridge Loan from NYCEEC for East Harlem Passive House Multifamily Building

Olshan represented Assembly OSM, an early-stage company focused on building highly efficient and sustainable urban new construction through innovative modular processes, in its approximately $3,000,000 bridge loan from New York City Energy Efficiency Corporation (NYCEEC), a leading national clean energy and energy efficiency lender. 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. Located in East Harlem, New York, the development will include 25% affordable units. The all electric building will span 45,000 square feet with 51 units, and with its construction, Assembly OSM aims to create a repeatable model that is specifically applicable to urban infill areas, which will allow for economies of scale and the creation of highly efficient new housing in areas where this has been a serious challenge. Co-Chair of Olshan’s Real Estate Law practice Thomas Kearns led the Olshan team that represented Assembly OSM in this deal, which also included real estate partner Hyman Kindler and real estate associate Sari Kreutzer.