Updated Dec 4, 2024
Novis Living Secures $31.2M Construction Loan For Harlem MultiFamily Properties
204 West 120th Street, 2350 Frederick Douglass Boulevard & 305 West 126th Street
$31,200,000
Units
54
Asset Type
MultiFamily
Closing
May 15, 2024
About this deal
AI
The multi-family property located at 204 West 120th Street, 2350 Frederick Douglass Boulevard & 305 West 126th Street in Harlem, Manhattan, has undergone a significant renovation with a construction loan amounting to $31,200,000. The properties consist of four residential walkup buildings totaling 54 units.
Summary of transation details:
- Property Type: MultiFamily
- Transaction Amount: $31,200,000
- Lender: Local Initiatives Support Corporation - Bob Cooney
- Landlord: Asher Toporovsky - Novis Living
- Loan Type: Construction
Novis Living, operating under the name Harlem Homeownership Partners LLC, secured the renovation construction loan from Local Initiatives Support Corporation for the property. Bob Cooney from Local Initiatives Support Corporation facilitated the loan on behalf of Novis Living, represented by Asher Toporovsky, in this transaction.
On the Map
$31,200,000
MultiFamily
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Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.51%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93