Updated Mar 11, 2025
Parkview Financial Provides $9.1M Construction Loan For Multifamily And Retail Project In East Harlem
1638 Park Avenue
$9,100,000
$399/SF
Building Size
22,753 SF
Asset Type
MultiFamily
Closing
Oct 28, 2022
About this deal
AI
The loan for the property at 1638-1640 Park Avenue in East Harlem has been finalized. The property is a multifamily building with a total square footage of 22,753. It consists of 24 apartments, including 9 affordable units, and also features 1,843 square feet of retail space. The loan amount for this transaction is $9,100,000, which is a first mortgage construction loan provided by Parkview Financial.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $9,100,000
- Address: 1638-1640 Park Avenue
- Market: East Harlem
- Square Footage: 22,753
The landlord of the property is Affect Group. The brokers involved in the deal are Adam Hakim and James Murad from Meridian Capital Group.
Players
Adelaide 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
1.74%
Cash-on-Cash
-0.50%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93