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Abraham Lokshin Secures $35.4M Construction Loan From Popular Bank For Midtown East Development Site
FINANCED
$35,400,000
New York
See Similar DealsDevelopment Site
Financed 05/08/2025
FINANCED
Abraham Lokshin Secures $35.4M Construction Loan From Popular Bank For Midtown East Development Site
1009 2nd Avenue
See Similar DealsDevelopment Site
Financed 05/08/2025
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
The asset involved in this transaction is a development site located at 1009 2nd Avenue in Midtown East, Manhattan. The property encompasses a total built square footage of 41,739. A construction loan of $35,400,000 has been secured for the 29-unit residential project being developed on this site.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $35,400,000
- Loan Type: Construction
- Lender: Popular Bank
- Landlord: Abraham Lokshin
The key individual behind this transaction is Abraham Lokshin, who through LFL Partners, facilitated the loan from Popular Bank for the construction of the residential project at 1009 Second Avenue.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$35,400,000.00
Monthly NOI$236,000.00
Monthly Debt Service$223,752.08
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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