Updated Mar 11, 2025
Bravo Capital Funds $57.8M Loan For Ithacan Residences Multifamily Deal
215 East Green Street
$57,800,000
Units
200
Asset Type
MultiFamily
Closing
Jun 20, 2024
About this deal
AI
The 13-story Ithacan Residences, a 200-unit apartment complex located at 215 East Green Street in Ithaca, N.Y., secured a $57.8 million loan under HUD's 223(f) program. The property, owned by Aptitude Development, boasts amenities such as a rooftop terrace and coworking spaces. The prime location near Cornell University adds to the appeal of this multifamily asset in Ithaca.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $57,800,000
- Market: Ithaca
- Lender: Aaron Krawitz - Bravo Capital
- Units: 200
Bravo Capital, represented by Aaron Krawitz, played a crucial role in issuing the loan for Ithacan Residences. The partnership between Bravo Capital and Aptitude Development underscores the confidence in the potential of this upscale apartment complex near Cornell University.
On the Map
$57,800,000
MultiFamily
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Ithaca 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
0.27%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93