Diamond National Investments Secures $63M Construction Loan For Bronx Development Site
1010 Washington Avenue
$63,000,000
Building Size
—
Asset Type
Development Site
Closing
May 16, 2024
AI
A development site located at 1010 Washington Avenue in Bronx with a buildable square footage of 190,205 was involved in a recent transaction. The developer, Diamond National Investments, secured a $63,000,000 construction loan from Popular Bank for this project.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $63,000,000
- Market: Bronx
- Lender: Popular Bank
- Developer: Diamond National Investments
- Broker: Hershy Werzberger - LCG Capital
- General Contractor: Emerald Developers
- Loan Type: Construction
- Loan Terms: 24 Months - SOFR + 350
The broker representing the deal, Hershy Werzberger from LCG Capital, played a key role in facilitating the transaction between Popular Bank and Diamond National Investments. Additionally, Emerald Developers was selected as the general contractor for the development site project, bringing valuable expertise to the construction phase.
Players
Bronx Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93