Updated Dec 4, 2024
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
Bronx Commercial Market Snapshot
Boundary boundary · Commercial · Loan transactions
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Deal FAQ
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