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Novis Living Secures $31.2M Construction Loan For Harlem MultiFamily Properties

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FINANCED
$31,200,000

New York

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MultiFamily
Financed 05/15/2024
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FINANCED

Novis Living Secures $31.2M Construction Loan For Harlem MultiFamily Properties

204 West 120th Street, 2350 Frederick Douglass Boulevard & 305 West 126th Street

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MultiFamily
Financed 05/15/2024
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Summary

NEW YORK
Asset Type:MultiFamily
Transaction Type:Loan

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.

Players

Local Initiatives Support
Local Initiatives Support
LENDER

Details

FINANCED
IMAGE: DATE: 05/15/2024 ADDRESS: 204 West 120th Street, 2350 Frederick Douglass Boulevard & 305 West 126th Street MARKET: Harlem, Manhattan ASSET TYPE: MultiFamily LENDER: Local Initiatives Support Corporation - Bob Cooney LANDLORD: Asher Toporovsky - Novis Living LOAN AMOUNT: $31,200,000 LOAN TYPE: Construction NOTE: Novis Living, operating as Harlem Homeownership Partners LLC, secured a $31.2 million renovation construction loan from Local Initiatives Support Corporation for four residential walkup properties encompassing 54 units across Harlem, Manhattan.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$31,200,000.00

Monthly NOI$208,000.00
Monthly Debt Service$197,205.22
Change in Cash Flow$0.00
Refinance Proceeds$0.00