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Metro Management Development Refinances $22.1 Million Loan For Cannon Heights Co-op In Bronx
FINANCED
$22,100,000
New York
See Similar DealsCo-Op
Financed 07/15/2024
FINANCED
Metro Management Development Refinances $22.1 Million Loan For Cannon Heights Co-op In Bronx
3400 Fort Independence Street
See Similar DealsCo-Op
Financed 07/15/2024
Summary
NEW YORK
Asset Type:Co-Op
Transaction Type:Loan
The Cannon Heights co-op building located at 3400 Fort Independence Street in the Bronx is a multifamily asset. The property has successfully refinanced a loan amounting to $22,100,000. The loan is provided by the New York City Housing Development Corporation, supporting the ongoing management and operations of the co-op.
Summary of transation details:
- Property Type: Co-op
- Transaction Amount: $22,100,000
- Market: Bronx
- Lender: New York City Housing Development Corporation
- Landlord: Metro Management Development
- Loan Type: Refinance
This refinancing transaction involved key parties such as Metro Management Development, the landlord responsible for the property. The negotiation and execution of the loan reflect the ongoing financial strategy of the asset under the management of Metro Management Development.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$22,100,000.00
Monthly NOI$147,333.33
Monthly Debt Service$139,687.03
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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