Updated Dec 21, 2023
Hirshmark Capital Provides $3.6M Bridge Loan For Multifamily Property In Harlem
159 E 118th St, New York, NY 10035, USA
$3,600,000
$360/SF
Building Size
10,000 SF
Asset Type
MultiFamily
Closing
Oct 27, 2022
About this deal
AI
The multifamily property located at 159 E 118th Street in Harlem, Manhattan has been involved in a recent loan transaction. The property has a total square footage of 10,000 and consists of 12 units.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $3,600,000
- Loan Type: Bridge
- Lender: Hirshmark Capital
- Landlord: Guy Altberg
- Broker: Vincent Sarnelli - Hirshmark Capital
Hirshmark Capital provided a loan of $3,600,000 for the property in a bridge financing arrangement. Guy Altberg is the landlord of the property, while Vincent Sarnelli from Hirshmark Capital represented the parties involved in the transaction as the broker.
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
4.41%
Cash-on-Cash
-1.26%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93