Popular Bank Provides $22.8M Construction Loan For West New York Multifamily
6205 Madison Street & 6215 Madison Street
$22,800,000
$82/SF
Building Size
275,380 SF
Asset Type
MultiFamily
Closing
May 17, 2024
AI
The multifamily property located at 6205-6215 Madison Street in West New York spans 137,690 square feet and consists of 80 units. The asset was involved in a recent transaction involving a construction loan.
Summary of transation details:
- Property Type: Multifamily
- Transaction Amount: $22,800,000
- Lender: Popular Bank
- Landlord: Mario Echevarria
- Broker: Paul Gilbert - Meridian Capital Group
- Loan Type: Construction Loan
The deal was facilitated by Paul Gilbert from Meridian Capital Group. Mario Echevarria serves as the landlord of the property. Popular Bank provided the $22,800,000 construction loan for this transaction.
Players
West New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.70%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93