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East Harlem Pilot Block HDFC Refinances Multifamily Properties With $224.5M Loan From First American Capital Group
FINANCED
$224,500,000
New York
See Similar DealsMultiFamily3,295,215 SF
Financed 09/29/2025
FINANCED
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
See Similar DealsMultiFamily3,295,215 SF
Financed 09/29/2025
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$68
Total Square Footage:3,295,215 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$224,500,000.00
Monthly NOI$1,496,666.67
Monthly Debt Service$1,418,992.71
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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