Karim A. Hutson Of Genesis Companies Secures $29.7M Loan From Webster Bank For Harlem Multifamily

The asset involved in the transaction consists of four multifamily walkup buildings located at 35 West 138th Street, 205 West 115th Street, and 203 West 131st Street in Harlem, Manhattan. The total square footage of the buildings is 41,961, and they contain 54 residential units. Genesis Companies, through Genesis Tpt Harlem, LLC, has secured a rehabilitation construction loan amounting to $29.7 million from Webster Bank, with an additional 1,643 square feet of air rights.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $29,700,000
• Lender: Webster Bank
• Landlord: Karim A. Hutson - Genesis Companies
• Market: Harlem, Manhattan
• Asset Size: 41,961 sq ft
• Residential Units: 54
• Air Rights: 1,643 sq ft

This transaction involves key individuals including Karim A. Hutson, associated with Genesis Companies, representing the landlord in the context of this loan agreement. The lender, Webster Bank, plays a vital role in financing the construction improvements for the properties in question.