HAP Investments Refinances Multifamily Properties In East Harlem For $76.8M

2338 2nd Ave, Manhattan, New York 10035, United States

$76,800,000

Building Size

—

Asset Type

MultiFamily

Closing

Dec 16, 2021

AI

Allegiant Real Estate Capital has provided a refinancing loan for three multifamily properties located in East Harlem. The properties are situated at 2338 Second Avenue, 329 Pleasant Avenue, and 2211 Third Avenue. The loan amount for this transaction is $76,800,000.

Summary of transaction details

Property Type: Multifamily
Transaction Amount: $76,800,000
Lender: Allegiant Real Estate Capital - Randy Reiff
Landlord: @HAPInvestments - Andrea Lawrence, Eran Polack, & Will Wang
Market: East Harlem

Randy Reiff from Allegiant Real Estate Capital acted as the lender in this refinancing deal. The landlord for the properties is represented by Andrea Lawrence, Eran Polack, and Will Wang from @HAPInvestments.

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

0.21%

Cash-on-Cash

-0.06%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93