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:
- Property Type: Multifamily
- Transaction Amount: $63,300,000
- Landlord: Donald C. Notice - West Harlem Group Assistance
- Lender: Phil Daubenmire - Merchants Bank of Indiana
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
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