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L&M Development Partners Refinances 91-Unit Harlem Multifamily Building With $36.9M Loan From Lument
FINANCED
$36,900,000
New York
See Similar DealsMultiFamily86,124 SF
Financed 04/15/2025
FINANCED
L&M Development Partners Refinances 91-Unit Harlem Multifamily Building With $36.9M Loan From Lument
235 Central Park North
See Similar DealsMultiFamily86,124 SF
Financed 04/15/2025
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$428
Total Square Footage:86,124 SF
Transaction Type:Loan
The property involved in this transaction is a multifamily asset located at 235 Central Park North in Harlem, Manhattan. The building encompasses a total square footage of 86,124 and consists of 91 residential units.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $36,900,000
- Address: 235 Central Park North
- Market: Harlem, Manhattan
- Lender: James P. Flynn - Lument
- Landlord: Lisa Gomez - L+M Development Partners
- Loan Type: Refinance
- Prior Debt: $32,000,000 from Goldman Sachs
This refinancing transaction was executed by L+M Development Partners, which is represented by Lisa Gomez. The loan was facilitated by James P. Flynn, representing Lument, establishing a new financing structure for the property.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$36,900,000.00
Monthly NOI$246,000.00
Monthly Debt Service$233,233.10
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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