facebook
Traded Co logo
Submit
Daily limit: 0/10

Fortune Society Secures $31M Construction Loan For East Harlem Development Site

Property Image
FINANCED
$31,000,000

New York

See Similar Deals
Development Site
Financed 03/08/2024
the dealplayerscompscontact
Property Image
FINANCED

Fortune Society Secures $31M Construction Loan For East Harlem Development Site

107 East 123rd Street

See Similar Deals
Development Site
Financed 03/08/2024
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Transaction Type:Loan

The development project at 107 East 123rd Street in East Harlem, Manhattan, is a Development Site with a Building Square Footage of 55,051. The project secured a $31 million construction loan facilitated by Jane E. Silverman from JPMorgan Chase and NYS Homeless Housing and Assistance Corporation. The loan was obtained by the nonprofit Fortune Society.

Summary of transation details:

The Fortune Society, a nonprofit organization, successfully secured the substantial $31 million construction loan for the development project. The loan was arranged with the assistance of Jane E. Silverman from JPMorgan Chase and the NYS Homeless Housing and Assistance Corporation, highlighting the collaborative effort of key individuals and institutions in supporting this initiative.

Players

J.P. Morgan Chase
J.P. Morgan Chase
LENDER
NC
NYS Homeless Housing & Assistance Corporation
LENDER

Details

FINANCED
IMAGE: 03/08/2024 ADDRESS: 107 East 123rd Street MARKET: East Harlem, Manhattan ASSET TYPE: Development Site ~ BSF: 55,051 LENDER: Jane E. Silverman - JPMorgan Chase (@JPMorgan) & NYS Homeless Housing & Assistance Corporation LANDLORD: Fortune Society LOAN AMOUNT: $31,000,000 LOAN TYPE: Construction NOTE: The nonprofit Fortune Society secured a $31 million construction loan from JPMorgan Chase and NYS Homeless Housing and Assistance Corporation for a development project at 107 East 123rd Street in East Harlem, Manhattan.

Stay in the Know

Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.

By subscribing, you agree to our Terms of Service and Privacy Policy.

Similar Deals

Contact

Get in touch with the broker you want

Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$31,000,000.00

Monthly NOI$206,666.67
Monthly Debt Service$195,941.09
Change in Cash Flow$0.00
Refinance Proceeds$0.00