Updated Oct 14, 2026
PGIM Provides $9.4M Refinance Loan For Olga Mendez Apartments In East Harlem
1652 Park Avenue new & 91 East 116th Street
$9,400,000
$53/SF
Building Size
87,875 SF
Asset Type
MultiFamily
Closing
May 29, 2024
About this deal
AI
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.
On the Map
$9,400,000
$53/SF
MultiFamily
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.69%
Cash-on-Cash
-0.48%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93