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L&M Development Partners Secures $60 Million Construction Loan From PCCP For East Harlem Multifamily Project
SOLD
Pennsylvania
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L&M Development Partners Secures $60 Million Construction Loan From PCCP For East Harlem Multifamily Project
2033 Fifth Avenue
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PENNSYLVANIA
Transaction Type:Sale
The asset involved in the transaction is a multifamily property located at 2033 Fifth Avenue in the East Harlem market. The property has a total square footage of 58,000 and consists of 222 residential units. A construction loan of $60,000,000 was secured for the property.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $60,000,000
- Address: 2033 Fifth Avenue
- Market: East Harlem
- Asset Square Footage: 58,000
- Units: 222
- Loan Type: Construction
- Lender: PCCP
- Landlord: L+M Development Partners, Ray Community & Dasha Zhukova
The deal involved key players including L+M Development Partners, Ray Community, and Dasha Zhukova, who act as the landlords in this transaction. PCCP provided the loan for the development, which emphasizes the collaborative effort among various stakeholders in the construction project.
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Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$0.00
Debt Service Coverage Ratio (DSCR)
0.00x
Cap Rate
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Cash Flow (Annual)$0.00
Cash-on-Cash Return0.00%
Monthly Debt Service$0.00
Annual Debt Service$0.00
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