Updated Oct 21, 2025
East Harlem Pilot Block HDFC Refinances Multifamily Properties With $224.5M Loan From First American Capital Group
2383 2nd Avenue, 2243 3rd Avenue & 2391 2nd Avenue
$224,500,000
$68/SF
Building Size
1,098,405 SF
Asset Type
MultiFamily
Closing
Sep 29, 2025
About this deal
AI
The asset involved in this transaction consists of multifamily properties located at 2383 2nd Avenue, 2243 3rd Avenue, and 2391 2nd Avenue in East Harlem, Manhattan, with a total square footage of 1,098,405. The properties encompass a total of 656 residential units, reflecting the significant scale of the investment in this market.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $224,500,000
- Lender: First American Capital Group
- Landlord: East Harlem Pilot Block HDFC
- Loan Type: Refinance
- Loan Date: 09/29/2025
This refinancing transaction was facilitated by East Harlem Pilot Block HDFC, which engaged with First American Capital Group to secure the loan, aimed at improving the financing structure of its portfolio of four residential properties in the East Harlem area.
On the Map
$224,500,000
$68/SF
MultiFamily
View full map
Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
Loading comparables…
Deal FAQ
Browse New York multifamily loans on Traded.
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93