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Bethpage Federal Credit Union Closes $62.25M Refinance Loan For Haruvi Portfolio

114 East 71st Street, 244 West 74th Street, 1107-1109 First Avenue, 404-424 West 56th Street, 309-315 West 54th Street, 448-452 West 57th Street & 219-223 East 32nd Street
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This MultiFamily property located in NY received a loan of $62,250,000 over 2 years ago. The broker of the deal was Nate Hyman

The Haruvi Portfolio, consisting of multiple properties located at 114 East 71st Street, 244 West 74th Street, 1107-1109 First Avenue, 404-424 West 56th Street, 309-315 West 54th Street, 448-452 West 57th Street, and 219-223 East 32nd Street, has recently undergone a $62,250,000 refinance. The multifamily asset spans over 330,000 square feet and comprises a total of 508 units. The properties are situated in sought-after neighborhoods such as the Upper West Side, Upper East Side, Murray Hill, and Midtown West.

Summary of Transaction Details

  • Property Type: Multifamily
  • Transaction Amount: $62,250,000
  • Loan Type: Refinance
  • Lender: Bethpage Federal Credit Union
  • Landlord: PH Realty Capital - Peter Hungerford, Abe Haruvi & Arthur Haruvi
  • Broker: Nate Hyman - Polaris Funding

As part of the loan transaction, PH Realty Capital, represented by Peter Hungerford, Abe Haruvi, and Arthur Haruvi, has signed a contract to purchase the properties and assume all management responsibilities. The highly skilled team at Polaris Funding, led by broker Nate Hyman, successfully navigated the complexities of this low-leverage loan, ensuring a smooth finalization of the refinance deal.

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Deals
  • Location
    114 East 71st Street, New York, NY, USA114 East 71st Street, New York, NY, USA
  • Loan Value
    $62,250,000$62,250,000
  • Asset Type
    MultiFamilyMultiFamily
  • Parties
    1 Broker1 Broker

Agent

Nate Hyman

Nate Hyman

Deals9
Financed$296.4M

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Deal Summary

LOAN IMAGE: Peter Hungerford, Abe Haruvi & Nate Hyman DATE: 10/28/2021 ADDRESS: 114 East 71st Street, 244 West 74th Street, 1107-1109 First Avenue, 404-424 West 56th Street, 309-315 West 54th Street, 448-452 West 57th Street & 219-223 East 32nd Street MARKET: Upper West Side, Upper East Side, Murray Hill & Midtown West ASSET TYPE: Multifamily ~ SF: 330,000 ~ UNITS: 508 LENDER: Bethpage Federal Credit Union LANDLORD: PH Realty Capital - Peter Hungerford, Abe Haruvi & Arthur Haruvi BROKER: Nate Hyman - Polaris Funding LOAN AMOUNT: $62,250,000 LOAN TYPE: Refinance NOTE: On the 80th Anniversary of its history, Bethpage FCU has closed a $62,250,000 refinance of The Haruvi Portfolio. An incredibly low leverage loan, the team at Polaris Funding led by Nate Hyman brought this very complicated loan across the finish line. PH Realty Capital has signed a contract to purchase the properties & taken over all management duties of the assets in preparation for its' acquisition of the portfolio.

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114 East 71st Street, 244 West 74th Street, 1107-1109 First Avenue, 404-424 West 56th Street, 309-315 West 54th Street, 448-452 West 57th Street & 219-223 East 32nd Street

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