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50 East 153rd Street

Updated Dec 4, 2024

GAL Manufacturing Secures $45M Financing For South Bronx Facility From Royal Bank Of Canada
FINANCEDCommercial

GAL Manufacturing Secures $45M Financing For South Bronx Facility From Royal Bank Of Canada

50 East 153rd Street

$45,000,000

Building Size

Asset Type

Commercial

Closing

Oct 3, 2023

About this deal

AI

GAL Manufacturing Corp. and Jo Taylor, representing the Ontario Teachers' Pension Plan, have secured a $45 million financing deal for their commercial property located at 50 East 153rd Street in Morris Heights, Bronx. The property is an asset type of commercial and is situated in the Morris Heights market.

Summary of transaction details

  • Property Type: Commercial
  • Transaction Amount: $45,000,000
  • Lender: Royal Bank of Canada
  • Landlord: GAL Manufacturing Corp & Jo Taylor - Ontario Teachers Pension Plan

The Royal Bank of Canada has provided a loan of $45 million to GAL Manufacturing Corp. and Jo Taylor for their facility at 50 East 153rd Street. GAL Manufacturing Corp. is a subsidiary of the Ontario Teachers' Pension Plan, making the pension plan a key player in this deal. The financing deal will support the operations and growth of GAL Manufacturing Corp. in the South Bronx.

Players

Royal Bank of Canada
Royal Bank of CanadaLender

Bronx Commercial Market Snapshot

Boundary boundary · Commercial · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.35%

Cash-on-Cash

-0.10%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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