Updated Dec 4, 2024
Edward Poteat's Carthage Advisors Secures $100M Refinance Loan For Harlem Properties
234 West 124th Street & 224 West 124th Street
$100,000,000
$301/SF
Building Size
165,607 SF
Asset Type
Development Site
Closing
Nov 3, 2023
About this deal
AI
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
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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
0.16%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93