Updated Nov 5, 2026
Genesis Companies Secures $219 Million Construction Loan From Berkadia For MultiFamily Property In Manhattan
159-16 Harlem River Drive
$219,000,000
Units
984
Asset Type
MultiFamily
Closing
Nov 4, 2026
About this deal
AI
The asset involved in this transaction is a MultiFamily property located at 159-16 Harlem River Drive in Manhattan. It is part of a rehabilitation project for Rangel Houses, which consists of 984 units of affordable housing. The total loan amount for this construction financing is $219,000,000.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $219,000,000
- Lender: Berkadia
- Landlord: Genesis Companies
- Market: Manhattan
- Loan Type: Construction
- Image: Matthew Baptiste & Heather Olson
Matthew Baptiste and Heather Olson from Berkadia represent the transaction for Genesis Companies, which secured a total financing package of $669 million aimed at rehabilitating the Rangel Houses complex.
On the Map
$219,000,000
MultiFamily
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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
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93