Related Debt Fund Management Provides $62M Construction Loan For Development Site In Harlem
FINANCED
$62,000,000
New York
See Similar DealsDevelopment Site200,000 SF
Financed 10/26/2021
FINANCED
Related Debt Fund Management Provides $62M Construction Loan For Development Site In Harlem
2226 3rd Avenue, New York, NY, USA
See Similar DealsDevelopment Site200,000 SF
Financed 10/26/2021
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$310
Total Square Footage:200,000 SF
Transaction Type:Loan
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.
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$62,000,000.00
Monthly NOI$413,333.33
Monthly Debt Service$391,882.17
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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