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Edward Poteat's Carthage Advisors Secures $100M Refinance Loan For Harlem Properties

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FINANCED
$100,000,000

New York

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Development Site331,214 SF
Financed 11/03/2023
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Property Image
FINANCED

Edward Poteat's Carthage Advisors Secures $100M Refinance Loan For Harlem Properties

234 West 124th Street & 224 West 124th Street

See Similar Deals
Development Site331,214 SF
Financed 11/03/2023
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$301
Total Square Footage:331,214 SF
Transaction Type:Loan

A $100 million refinance loan has been secured by Carthage Advisors, represented by Edward Poteat, for two properties in Harlem, Manhattan. The properties, located at 234 West 124th Street and 224 West 124th Street, include a development site and a multifamily building with a total of 168 residential units. The combined buildable square footage of the properties is 211,428 and the total square footage is 165,607.

Summary of transaction details:

  • Property Type: Development Site & Multifamily
  • Transaction Amount: $100,000,000
  • Address: 234 West 124th Street & 224 West 124th Street
  • Market: Harlem, Manhattan
  • Lender: Adam Sasouness - Dwight Capital
  • Landlord: Edward Poteat - Carthage Advisors

The refinance loan was provided by Dwight Capital, represented by Adam Sasouness. The loan will enable Carthage Advisors to continue its ownership and management of the properties, ensuring the long-term stability and profitability of the investment.

Players

Dwight Capital
Dwight Capital
LENDER
EP
Edward Poteat
2 deals$117.4M volume
LANDLORD

Details

FINANCED
IMAGE: Edward Poteat DATE: 11/03/2023 ADDRESS: 234 West 124th Street & 224 West 124th Street MARKET: Harlem, Manhattan ASSET TYPE: Development Site & Multifamily ~ BSF: 211,428 ~ SF: 165,607 LENDER: Adam Sasouness - Dwight Capital LANDLORD: Edward Poteat - Carthage Advisors (@Carthage.Advisors) LOAN AMOUNT: $100,000,000 LOAN TYPE: Refinance NOTE: Carthage Advisors, represented by Edward Poteat, secured a $100 million refi loan from Dwight Capital, represented by Adam Sasouness, for two properties in Harlem, Manhattan, totaling 168 residential units.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$100,000,000.00

Monthly NOI$666,666.67
Monthly Debt Service$632,068.02
Change in Cash Flow$0.00
Refinance Proceeds$0.00