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117 West 129th Street

Donald C. Notice Secures $63.3M Loan For Harlem Multifamily Rehabilitation
FINANCEDMultiFamily

Donald C. Notice Secures $63.3M Loan For Harlem Multifamily Rehabilitation

117 West 129th Street, 102-104 West 142nd Street & 154 West 129th Street

$63,300,000

Building Size

Asset Type

MultiFamily

Closing

Jun 27, 2024

AI

Located in Harlem, Manhattan, the asset involved in this transaction comprises residential properties at 117 West 129th Street, 102-104 West 142nd Street, and 154 West 129th Street. The loan amount for this multifamily property was $63,300,000 provided by Merchants Bank of Indiana for a rehabilitation project.

Summary of transaction details:

West Harlem Group Assistance, represented by Donald C. Notice, secured the $63.3 million rehabilitation construction loan from Merchants Bank of Indiana. The loan will fund the renovation of 27 properties scattered across Harlem, Manhattan, contributing to the enhancement of the residential buildings in the area.

Players

Merchants Bank of Indiana
Merchants Bank of IndianaLender

New York MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Loan transactions

Loading comparables…

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