Updated Dec 4, 2024
Artimus Secures $210M Construction Loan For Harlem Development Site
1440 Amsterdam Avenue
$210,000,000
Units
490
Asset Type
Development Site
Closing
May 9, 2024
About this deal
AI
The development site located at 1440 Amsterdam Avenue in Harlem, Manhattan, with a buildable square footage of 42,965 and containing 490 residential units, secured a $210 million construction loan from Valley National Bank. The loan was obtained by the landlord, Yoav Haron, represented by Artimus.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $210,000,000
- Address: 1440 Amsterdam Avenue
- Market: Harlem, Manhattan
- Asset Type: Development Site
- Buildable Square Footage: 42,965
- Units: 490
- Lender: Valley National Bank - Oren Saperstein & Roger Rofe
- Landlord: Yoav Haron - Artimus
Artimus, represented by the entity 1441 Owner LLC, successfully secured the substantial $210 million construction loan from Valley National Bank for the development of the 490-unit building at 1440 Amsterdam Avenue in Harlem, Manhattan.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.08%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93