Valley National Bank Provides $12.7M Refinance Loan For Mixed-Use Property In East Harlem
1650 Madison Avenue
$12,700,000
$343/SF
Building Size
37,000 SF
Asset Type
Mixed-use
Closing
Aug 1, 2024
About this deal
AI
The property involved in this transaction is a mixed-use asset located at 1650 Madison Avenue in East Harlem, Manhattan. It consists of 23 apartments and 3 commercial spaces, with a total square footage of 10,500. The refinancing loan amounts to $12,700,000 with a fixed interest rate of 5.82% for a term of 5 years.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $12,700,000
- Lender: Valley National Bank
- Loan Type: Refinance
- Loan Terms: 5-year term, fixed at 5.82%
- Brokers: David Hayum & Michael Farkovits - Meridian Capital Group
This transaction involved key individuals from Meridian Capital Group, specifically brokers David Hayum and Michael Farkovits, who represented the interests related to this refinancing deal. Their involvement highlights the professional expertise contributing to the transaction.
On the Map
$12,700,000
$343/SF
Mixed-use
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Players
New York Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.25%
Cash-on-Cash
-0.36%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93