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Merchants Capital Provides $100 Million Loan For Development Site In East Harlem
FINANCED
$100,000,000
New York
See Similar DealsDevelopment Site
Financed 11/25/2025
FINANCED
Merchants Capital Provides $100 Million Loan For Development Site In East Harlem
305 East 101st Street
See Similar DealsDevelopment Site
Financed 11/25/2025
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
The asset involved in this transaction is a development site located at 305 East 101st Street, situated in the East Harlem market. The loan amount secured for this property is $100,000,000, which will support the acquisition, recapitalization, and rehabilitation of the 523-unit Metro North Plaza and Gaylord White Houses.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $100,000,000
- Lender: Merchants Capital
- Landlord: The Community Builders Inc. & Ascendant Neighborhood Development Corporation
- Loan Date: 11/25/2025
This financing is part of a broader initiative to preserve permanently affordable housing through the PACT/RAD program, demonstrating the commitment of the involved parties to support sustainable community development in East Harlem.
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Deal Type
30 years
10 years
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
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