Updated Dec 4, 2024
CB-Emmanuel Realty Secures $43.2M Construction Loan For Harlem Properties
102 West 119th Street & 1971 7th Avenue, New York
$43,200,000
$419/SF
Building Size
51,487 SF
Asset Type
MultiFamily
Closing
Feb 6, 2024
About this deal
AI
The property asset involved in the transaction is a Multifamily building located at 102 West 119th Street & 1971 7th Avenue in Harlem, Manhattan. The property spans approximately 51,487 square feet and the loan amount secured for its rehabilitation is $43,200,000. The lender for this construction loan is Michael T. Pugh from Local Initiatives Support Corporation, while the landlord is R. Christopher Bramwell Jr from CB-Emmanuel Realty.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $43,200,000
- Address: 102 West 119th Street & 1971 7th Avenue
- Market: Harlem, Manhattan
- Lender: Michael T. Pugh - Local Initiatives Support Corporation
- Landlord: R. Christopher Bramwell Jr - CB-Emmanuel Realty
CB-Emmanuel Realty, represented by CB ANCP 2018 LLC, successfully secured the $43.2 million rehab construction loan from Local Initiatives Support Corporation for four properties in Harlem, Manhattan, consisting of residential buildings.
On the Map
$43,200,000
$419/SF
MultiFamily
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.37%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93