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114 East 71st Street, New Y...

Bethpage Federal Credit Union Closes $62.25M Refinance Loan For Haruvi Portfolio
FINANCEDMultiFamily

Bethpage Federal Credit Union Closes $62.25M Refinance Loan For Haruvi Portfolio

114 East 71st Street, New York, NY, USA

$62,250,000

$188/SF

Building Size

330,000 SF

Asset Type

MultiFamily

Closing

Oct 28, 2021

AI

The Haruvi Portfolio, consisting of multiple properties located at 114 East 71st Street, 244 West 74th Street, 1107-1109 First Avenue, 404-424 West 56th Street, 309-315 West 54th Street, 448-452 West 57th Street, and 219-223 East 32nd Street, has recently undergone a $62,250,000 refinance. The multifamily asset spans over 330,000 square feet and comprises a total of 508 units. The properties are situated in sought-after neighborhoods such as the Upper West Side, Upper East Side, Murray Hill, and Midtown West.

Summary of Transaction Details

  • Property Type: Multifamily
  • Transaction Amount: $62,250,000
  • Loan Type: Refinance
  • Lender: Bethpage Federal Credit Union
  • Landlord: PH Realty Capital - Peter Hungerford, Abe Haruvi & Arthur Haruvi
  • Broker: Nate Hyman - Polaris Funding

As part of the loan transaction, PH Realty Capital, represented by Peter Hungerford, Abe Haruvi, and Arthur Haruvi, has signed a contract to purchase the properties and assume all management responsibilities. The highly skilled team at Polaris Funding, led by broker Nate Hyman, successfully navigated the complexities of this low-leverage loan, ensuring a smooth finalization of the refinance deal.

Players

Nate Hyman

Polaris Funding

Broker

$490.8M

vol

15 deals

Broker
PC
PH Realty CapitalLandlord
Peter Hungerford

Peter Hungerford

PH Realty Capital

Landlord

$503M

vol

13 deals

Landlord

New York MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.25%

Cash-on-Cash

-0.07%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93