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Berkshire Residential Investments Provides $86M Loan For Multifamily Property In Central Harlem

Property Image
FINANCED
$86,000,000

New York

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MultiFamily436,115 SF
Financed 03/09/2021
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Property Image
FINANCED

Berkshire Residential Investments Provides $86M Loan For Multifamily Property In Central Harlem

2802 Frederick Douglass Boulevard, Manhattan, New York, NY, USA

See Similar Deals
MultiFamily436,115 SF
Financed 03/09/2021
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$197
Total Square Footage:436,115 SF
Transaction Type:Loan

The multifamily property located at 2802 Fredrick Douglass Boulevard in Central Harlem has been involved in a loan transaction. The lender involved in the deal is Berkshire Residential Investments. The loan amount for this transaction is $86,000,000. The property spans a total square footage of 436,115 and consists of 538 units. The landlord for this property is Fairstead.

Summary of transaction details

  • Property Type: Multifamily
  • Loan Amount: $86,000,000
  • Address: 2802 Fredrick Douglass Boulevard
  • Market: Central Harlem
  • Square Footage: 436,115
  • Units: 538
  • Lender: Berkshire Residential Investments
  • Landlord: Fairstead

Detailed information about the individuals and companies involved in the deal is as follows. The loan transaction was facilitated by David Olney, Will Blodgett, and Jeffrey Goldberg. They represent Berkshire Residential Investments in this transaction.

Players

Berkshire Residential Investments
Berkshire Residential Investments
LENDER
Fairstead
Fairstead
LANDLORD

Details

FINANCED
IMAGE: David Olney, Will Blodgett & Jeffrey Goldberg DATE: 03/09/2021 ADDRESS: 2802 Fredrick Douglass Boulevard MARKET: Central Harlem ASSET TYPE: Multifamily LENDER: Berkshire Residential Investments LANDLORD: Fairstead LOAN AMOUNT: $86,000,000 SF: 436,115 UNITS: 538

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$86,000,000.00

Monthly NOI$573,333.33
Monthly Debt Service$543,578.50
Change in Cash Flow$0.00
Refinance Proceeds$0.00