Kearny Bank Funds $35M Construction Loan For Morrisania Development Site

The development site located at 1049 Washington Avenue in Morrisania, Bronx, with a buildable square footage of 125,614 square feet, was involved in a recent transaction. The property is owned by Boris Babakhanov and Alex Gilkarov.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $35,000,000
• Lender: Kearny Bank
• Loan Type: Construction
• Loan Terms: 24 month term, Prime - 0.50%
• Landlord: Boris Babakhanov & Alex Gilkarov
• Broker: Hershy Werzberger - LCG Capital

The loan for this transaction was provided by Kearny Bank, with a loan amount of $35,000,000 and terms including a construction loan type with a 24-month term at Prime - 0.50%. The landlord of the property, Boris Babakhanov and Alex Gilkarov, facilitated this deal alongside the broker, Hershy Werzberger from LCG Capital.