Updated Feb 16, 2024
Hirshmark Capital Provides $3 Million Bridge Loan For Multifamily Property In Harlem, New York
2903 Frederick Douglass Boulevard, New York City, New York 10039, United States
$3,000,000
$300/SF
Building Size
10,000 SF
Asset Type
MultiFamily
Closing
Dec 21, 2021
About this deal
AI
The multifamily property located at 2903 Frederick Douglass Blvd. in Harlem, New York has been involved in a recent transaction. The property spans approximately 10,000 square feet and consists of 14 units. The transaction took place on December 21, 2021.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $3,000,000
- Address: 2903 Frederick Douglass Blvd., Harlem, New York
- Market: Harlem, New York
- Square Footage: 10,000
- Units: 14
The lender for this transaction was Hirshmark Capital. Tomer Chen is the landlord of the property. Jake Soodek from Hirshmark Capital served as the broker in this deal.
The loan obtained for this transaction amounted to $3,000,000 and was of the bridge type.
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
5.29%
Cash-on-Cash
-1.51%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93