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2975 Independence Avenue

Zevi Kohn Secures $85.8M Loan For Schervier Rehabilitation & Nursing Center In Bronx
SOLD

Zevi Kohn Secures $85.8M Loan For Schervier Rehabilitation & Nursing Center In Bronx

2975 Independence Avenue

Building Size

Asset Type

Closing

Apr 25, 2023

AI

Zevi Kohn's Riverdale SNF LLC recently secured a $85.8 million loan from Greystone & Co for the Schervier Rehabilitation & Nursing Center in the Bronx. This nursing center, located at 2975 Independence Avenue in Riverdale, offers a spacious 283,842 square feet of built space.

Summary of transation details

  • Property Type: Nursing Center
  • Transaction Amount: $85,760,000
  • Address: 2975 Independence Avenue, Riverdale
  • Market: Riverdale
  • Lender: Greystone & Co
  • Landlord: Zevi Kohn

This transaction involved Zevi Kohn's Riverdale SNF LLC as the landlord and Greystone & Co as the lender. The loan amount of $85.8 million will support the operations and further development of the Schervier Rehabilitation & Nursing Center in the Bronx.

Players

New York CRE Market Snapshot

Boundary boundary · CRE · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93