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MHANY Management Secures $26.4M Construction Loan For Washington Heights Multifamily Properties
FINANCED
$26,400,000
New York
See Similar DealsMultiFamily78,450 SF
Financed 01/12/2024
FINANCED
MHANY Management Secures $26.4M Construction Loan For Washington Heights Multifamily Properties
609 West 158th Street & 9 Fort Washington Avenue
See Similar DealsMultiFamily78,450 SF
Financed 01/12/2024
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$336
Total Square Footage:78,450 SF
Transaction Type:Loan
The multifamily property at 609 West 158th Street & 9 Fort Washington Avenue in Washington Heights, Manhattan, with a total square footage of 39,225 and a building square footage of 71,529, was involved in a construction loan transaction totaling $26,400,000. The lender for this project was Rafael E. Cestero from Community Preservation Corporation, and the landlord was Ismene Speliotis from MHANY Management.
Summary of transation details:
- Property Type: Multifamily
- Transaction Amount: $26,400,000
- Address: 609 West 158th Street & 9 Fort Washington Avenue
- Market: Washington Heights, Manhattan
- Asset Type: Multifamily
- BSF: 71,529
- SF: 39,225
MHANY Management, represented by entity MHANY 2023 HOLDINGS LLC, secured the $26.4 million renovation construction loan from Community Preservation Corporation, facilitated by entity CPC Funding SPE 1 LLC, for two residential walkup properties with a total of 51 units in Washington Heights, Manhattan.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$26,400,000.00
Monthly NOI$176,000.00
Monthly Debt Service$166,865.96
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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