Related Debt Fund Management Provides $62M Construction Loan For Development Site In Harlem
2226 3rd Avenue, New York, NY, USA
$62,000,000
$310/SF
Building Size
200,000 SF
Asset Type
Development Site
Closing
Oct 26, 2021
AI
A development site located at 2226 Third Avenue in Harlem has been involved in a recent closed transaction. The property, with a buildable square footage (BSF) of 200,000, is classified as a development site.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $62,000,000
- Address: 2226 Third Avenue
- Market: Harlem
- Asset Type: Development Site 🏗
- BSF: 200,000
The lender in this transaction was Related Debt Fund Management, while Real Estate Equities Corp. served as the landlord. The loan provided for this transaction was a construction loan with a total amount of $62,000,000.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.26%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93