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PGIM Provides $9.4M Refinance Loan For Olga Mendez Apartments In East Harlem

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FINANCED
$9,400,000
Matt Swerdlow
Matthew (Matt) Dzbanek

New York

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MultiFamily175,750 SF
Financed 05/29/2024
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FINANCED

PGIM Provides $9.4M Refinance Loan For Olga Mendez Apartments In East Harlem

1652 Park Avenue new & 91 East 116th Street

See Similar Deals
MultiFamily175,750 SF
Financed 05/29/2024
Matt Swerdlow
Matthew (Matt) Dzbanek
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$53
Total Square Footage:175,750 SF
Transaction Type:Loan

The Olga Mendez Apartments, located at 1652 Park Avenue & 91 E 116th St. in East Harlem, is a multifamily property spanning 87,875 square feet with a total of 77 units. The property is encumbered by several NYS & NYC regulatory agreements and benefits from a 420(c) tax exemption.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $9,400,000
  • Lender: PGIM
  • Loan Type: Refinance
  • Loan Terms: 5.56% Rate, 3 Years IO, 7 Year Fixed, Non-Recourse, Fully Assumable

Matt Swerdlow and Matthew Dzbanek from Ariel Property Advisors represented the deal as brokers for the refinance loan on the Olga Mendez Apartments. The property holds historical significance, named after Sen. Olga Mendez, the first Puerto Rican-born woman elected to the NYS Senate. Sen. Mendez's impactful legislative work focused on advancing education, healthcare, and housing accessibility in East Harlem, leaving a lasting legacy in the community.

Players

Matt Swerdlow
Ariel Property Advisors
Matt Swerdlow
26 deals$311.3M volume
BROKER
Matthew (Matt) Dzbanek
Ariel Property Advisors
Matthew Dzbanek
14 deals$217.4M volume
BROKER

Details

FINANCED
IMAGE: Matt Swerdlow & Matthew Dzbanek DATE: 05/29/2024 ADDRESS: Olga Mendez Apartments - 1652 Park Avenue & 91 E 116th St. MARKET: East Harlem ASSET TYPE: Multifamily ~ SF: 87,875 ~ UNITS: 77 LENDER: PGIM (@PGIM) BROKERS: Matt Swerdlow (@Matt.Swerdlow) & Matthew Dzbanek (@MjDzee) - Ariel Property Advisors (@ArielPA.NYC) LOAN AMOUNT: $9,400,000 LOAN TYPE: Refinance LOAN TERMS: 5.56% Rate, 3 Years IO, 7 Year Fixed, Non-Recourse, Fully Assumable NOTE FROM BROKER: Property is encumbered by several NYS & NYC regulatory agreements and benefits from a 420(c) tax exemption. Olga Mendez was the first Puerto Rican-born woman elected to the NYS Senate. Sen. Mendez served from 1978 to 2004 and dedicated her career towards uplifting initiatives in East Harlem and its residents. Her impactful tenure saw the passage of crucial legislation aimed at advancing education, healthcare, and housing accessibility, leaving an enduring legacy in the heart of the community she passionately served.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$9,400,000.00

Monthly NOI$62,666.67
Monthly Debt Service$59,414.39
Change in Cash Flow$0.00
Refinance Proceeds$0.00