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

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FINANCED
$63,300,000

New York

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MultiFamily
Financed 06/27/2024
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FINANCED

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

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

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MultiFamily
Financed 06/27/2024
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Summary

NEW YORK
Asset Type:MultiFamily
Transaction Type:Loan

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.

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LENDER

Details

FINANCED
IMAGE: Donald C. Notice & Phil Daubenmire DATE: 06/27/2024 ADDRESS: 117 West 129th Street, 102-104 West 142nd Street & 154 West 129th Street MARKET: Harlem, Manhattan ASSET TYPE: Multifamily LENDER: Phil Daubenmire - Merchants Bank of Indiana LANDLORD: Donald C. Notice - West Harlem Group Assistance LOAN AMOUNT: $63,300,000 LOAN TYPE: Rehabilitation NOTE: West Harlem Group Assistance, represented by Donald C. Notice, secured a $63.3 million rehab construction loan from Merchants Bank of Indiana for 27 properties across Harlem, Manhattan, including residential buildings such as those at 117 West 129th Street, 102-104 West 142nd Street, and 154 West 129th Street. -DonaldCNotice

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$63,300,000.00

Monthly NOI$422,000.00
Monthly Debt Service$400,099.06
Change in Cash Flow$0.00
Refinance Proceeds$0.00