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Beacon Communities Secures $5M Loan For Historic May Building Redevelopment

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FINANCED
$5,000,000

Pennsylvania

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MultiFamily
Financed 11/07/2023
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Property Image
FINANCED

Beacon Communities Secures $5M Loan For Historic May Building Redevelopment

111 5th Avenue

See Similar Deals
MultiFamily
Financed 11/07/2023
the dealplayerscompscontact
Contact now

Summary

PENNSYLVANIA
Asset Type:MultiFamily
Transaction Type:Loan

Beacon Communities has been awarded a $5 million grant from the Department of Housing and Urban Development (HUD) and Inflation Reduction Act’s Green and Resilient Retrofit Program (GRRP) for the redevelopment of the historic May Building at 111 Fifth Avenue in downtown Pittsburgh. The property is a multifamily asset with 88 units, located in Pittsburgh, PA.

Summary of transation details

  • Property Type: Multifamily
  • Transaction Amount: $5,000,000
  • Address: 111 5th Avenue
  • Market: Pittsburgh, PA
  • Lender: Michael Horvath - HUD
  • Landlord: Dara Kovel - Beacon Communities

The loan for the redevelopment project was provided by Michael Horvath from HUD. Dara Kovel represents Beacon Communities as the landlord in this transaction.

Players

HUD
HUD
LENDER
DK
Dara Kovel
2 deals$26.3M volume
LANDLORD

Details

FINANCED
IMAGE: Michael Horvath & Dara Kovel DATE: 11/07/2023 ADDRESS: 111 5th Avenue MARKET: Pittsburgh, PA ASSET TYPE: Multifamily ~ UNITS: 88 LENDER: Michael Horvath - HUD LANDLORD: Dara Kovel - Beacon Communities LOAN AMOUNT: $5,000,000 NOTE: Beacon Communities has been awarded a $5 million grant from the Department of Housing and Urban Development (HUD) and Inflation Reduction Act’s Green and Resilient Retrofit Program (GRRP) for the redevelopment of the historic May Building at 111 Fifth Avenue in downtown Pittsburgh.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$5,000,000.00

Monthly NOI$33,333.33
Monthly Debt Service$31,603.40
Change in Cash Flow$0.00
Refinance Proceeds$0.00