Scale Lending Provides $59.4M Loan For East Harlem Mixed-Use Property
2283 3rd Ave, New York, NY 10035, USA
$28,100,000
$500/SF
Building Size
56,107 SF
Asset Type
Mixed-use
Closing
Aug 6, 2019
About this deal
AI
The mixed-use property located at 212 East 125th Street in East Harlem has been involved in a closed transaction. The loan for this property was provided by SCALE Lending, with Martin Nussbaum representing the lender. The loan amount for this transaction was $59,400,000.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $59,400,000
- Lender: Martin Nussbaum - SCALE Lending
- Landlord: Elan Hakimian, Sunder Jambunathan, The Hakimian Organization, Red Pine Capital Partners
- Broker: Cushman & Wakefield
The deal involved multiple parties, with Elan Hakimian and Sunder Jambunathan as the landlords. The property was leased by the Hakimian Organization and Red Pine Capital Partners. Cushman & Wakefield acted as the broker in this transaction.
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
0.56%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93