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Alchemy Properties & ABR Partners Secure $127.2M Construction Loan From Helaba For Development Site In Lenox Hill
FINANCED
$127,200,000
New York
See Similar DealsDevelopment Site
Financed
FINANCED
Alchemy Properties & ABR Partners Secure $127.2M Construction Loan From Helaba For Development Site In Lenox Hill
1484 1st Avenue
See Similar DealsDevelopment Site
Financed
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
A construction loan of $127,200,000 has been secured for a development site located at 1484 1st Avenue in the Lenox Hill neighborhood of Manhattan. This residential project will consist of 86 units and will encompass a total area of 160,633 square feet.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $127,200,000
- Address: 1484 1st Avenue
- Market: Lenox Hill, Manhattan
- Units: 86
- Lender: Helaba
- Landlord: Alchemy Properties & ABR Partners
The financing for this project was facilitated by Alchemy-ABR Investment Partners’ East 77 Property Owner LLC, which is responsible for overseeing the development. Helaba acted as the lender, providing the necessary funds to advance the construction of this residential site.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$127,200,000.00
Monthly NOI$848,000.00
Monthly Debt Service$803,990.53
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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