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2033 Fifth Avenue

Updated Sep 11, 2026

L&M Development Partners Secures $60 Million Construction Loan From PCCP For East Harlem Multifamily Project
SOLD

L&M Development Partners Secures $60 Million Construction Loan From PCCP For East Harlem Multifamily Project

2033 Fifth Avenue

Units

60,000,000

Asset Type

—

Closing

Sep 15, 2022

About this deal

AI

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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Players

PCCP
PCCPLender

Pittsburgh CRE Market Snapshot

Boundary boundary · CRE · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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