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
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.
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
0.54%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93