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305 East 101st Street

Updated Oct 13, 2026

Merchants Capital Provides $100 Million Loan For Development Site In East Harlem
FINANCEDDevelopment Site

Merchants Capital Provides $100 Million Loan For Development Site In East Harlem

305 East 101st Street

$100,000,000

Units

523

Asset Type

Development Site

Closing

Nov 25, 2025

About this deal

AI

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.

On the Map

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$100,000,000

Development Site

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Players

Merchants Capital
Merchants CapitalLender
Community Builders
Community BuildersLandlord
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New York Development Site Market Snapshot

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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

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