Townsend Partners LLC Secures $10M Refinance Loan For 35-Unit Development In Mt Hope, Bronx
1677 Townsend Avenue
Building Size
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Asset Type
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Closing
Apr 3, 2023
AI
Yaakov Lefkowitz's entity, Townsend Partners LLC, has signed a $10 million refinance loan with Spencer Savings Bank for a development site located at 1677 Townsend Avenue in Mount Hope, Bronx. The property is currently undergoing construction and spans a total of 23,173 square feet. It consists of 35 residential units.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $10,000,000
- Units: 35
- Square Feet: 23,173
- Address: 1677 Townsend Avenue, Mount Hope, Bronx
Michael Claisse, representing Spencer Savings Bank, facilitated the refinance loan for Yaakov Lefkowitz's development project. The loan was secured by Townsend Partners LLC, the entity associated with Lefko Capital Group. Plans for the project were filed on August 4, 2021.
Players
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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