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Susan Wiviott Of The Bridge Inc Secures $40.8M Construction Loan For Development Site In Harlem
FINANCED
$40,800,000
New York
See Similar DealsDevelopment Site
Financed 12/18/2024
FINANCED
Susan Wiviott Of The Bridge Inc Secures $40.8M Construction Loan For Development Site In Harlem
39 West 128th Street
See Similar DealsDevelopment Site
Financed 12/18/2024
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
A construction loan of $40,800,000 was secured for a development site located at 39 West 128th Street in Harlem, Manhattan. The asset consists of a development site with a building square footage of 60,278 BSF.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $40,800,000
- Lender: J.P. Morgan Chase & NYS Homeless Housing & Assistance Corporation
- Landlord: Susan Wiviott - The Bridge Inc
- Market: Harlem, Manhattan
The Bridge Inc, represented by Susan Wiviott, is engaged in the development of a 91-unit residential project with the financial backing provided through the secured loan from JPMorgan Chase along with the NYS Homeless Housing and Assistance Program.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$40,800,000.00
Monthly NOI$272,000.00
Monthly Debt Service$257,883.75
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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