Updated Oct 28, 2024
ELH Management Secures $29.4M Construction Loan For 505, 523 & 527 West 134th Street In Harlem
505 West 134th Street, New York City, New York 10031, United States
$29,417,764
$626/SF
Building Size
46,960 SF
Asset Type
MultiFamily
Closing
Apr 11, 2022
About this deal
AI
The property involved in this transaction is a multifamily asset located at 505, 523 & 527 West 134th Street in Harlem. The property has a total square footage of 46,960 and consists of 69 units. The loan for this transaction was provided by Local Initiatives Support & Neighborhood Restore Housing Development Fund Corporation, and the landlord of the property is ELH Management.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $29,417,764
- Loan Type: Construction
- Lender: Local Initiatives Support & Neighborhood Restore Housing Development Fund Corporation
- Landlord: ELH Management
The lender, Local Initiatives Support & Neighborhood Restore Housing Development Fund Corporation, played a crucial role in financing this construction project. ELH Management, the landlord, will oversee the management and operation of the property once the construction is complete.
On the Map
$29,417,764
$626/SF
MultiFamily
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.54%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93