Azimuth Development Group Secures $68.9M Construction Loan In Melrose, Bronx
450 East 158th Street, 407 East 158th Street & 409 East 158th Street
$68,900,000
Building Size
—
Asset Type
—
Closing
Mar 27, 2024
About this deal
AI
The construction loan valued at $68.9 million was secured by Azimuth Development Group for two new building projects located at 450 East 158th Street and 407-409 East 158th Street in Melrose, Bronx. The loan was provided by the NYS Housing Finance Agency and the NYC Department of Housing Preservation and Development.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $68,900,000
- Market: Melrose, Bronx
- Address: 450 East 158th Street & 407-409 East 158th Street
- Asset Type: Development Site
- BSF: 44,489
- Lender: NYS Housing Finance Agency & NYC Department of Housing Preservation & Development
- Landlord: Guido Subotovsky - Azimuth Development Group
- Loan Type: Construction
The loan was secured by Azimuth Development Group, led by Guido Subotovsky, for the development of the properties in Melrose, Bronx. The NYS Housing Finance Agency and the NYC Department of Housing Preservation and Development played a crucial role as lenders in the funding of these building projects.
Players
Bronx CRE Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.23%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93