WHGA signs $63.3M rehab loan with Merchants Bank of Indiana for 27 properties in Harlem
West Harlem Group Assistance through the entity Amsterdam Garvey Housing Development Fund Corp. as borrower signed a rehab construction loan with lender Merchants Bank of Indiana valued at $63.3 million for 27 properties with 339 residential units including the 23-unit residential elevator building (D1) at 117 West 129th Street in Harlem, Manhattan, 18-unit residential walkup building (C1) at 102-104 West 142nd Street in Harlem, Manhattan, and 24-unit residential walkup building (C5) at 154 West 129th Street in Harlem, Manhattan.
The deal closed on June 27, 2024 and was recorded on July 16, 2024. The 27 properties have 338,455 square feet of built space and 7,073 square feet of additional air rights according to a PincusCo analysis of city data. The loan price per built square foot is $186 per the PincusCo analysis. (The price per square foot analysis is the transaction price divided by square feet as reported in public records and assumes no air rights have been sold.)
The signatory for West Harlem Group Assistance was Donald C. Notice. The signatory for Merchants Bank of Indiana was Phil Daubenmire.
Prior sales and revenue
The owners according to the Department of Housing Preservation and Development includes Lenore Browne, head officer and Genevieve Outlaw, officer. The business entity is 513 Hdfc.
The block
On the tax block of 513 West 145th Street, PincusCo has identified the owners of 13 of the 24 commercial properties representing 156,175 square feet of the 345,410 square feet. The largest owner is Witnick Real Estate Partners, followed by West Harlem Group Assistance and then Ravinder Annamaneni.
There are no active new building construction projects on this tax block.
The majority, or 59 percent of the 345,410 square feet of built space are walkup buildings, with elevator buildings next occupying 18 percent of the space.
The borrower
The PincusCo database currently indicates that West Harlem Group Assistance owned at least 20 commercial properties with 399 residential units in New York City with 389,994 square feet and a city-determined market value of $46.5 million. (Market value is typically about 50% of actual value.) The portfolio has $60.2 million in debt, borrowed from NYC Housing Development Corporation and Merchants Bank of Indiana. Within the portfolio, the bulk, or 65 percent of the 389,994 square feet of built space are elevator properties, with walkup properties next occupying 35 percent of the space. They are all located in Manhattan.
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