Updated Oct 5, 2026
MBD Community Housing Corporation Secures $38.7 Million Loan From Santander Bank For Bronx Development
1095 Jerome Avenue
$38,700,000
Units
60
Asset Type
Development Site
Closing
Sep 24, 2026
About this deal
AI
The property asset involved in this transaction is a development site located at 1095 Jerome Avenue in the Highbridge neighborhood of the Bronx. The site is planned for a residential development comprised of 60 units, with a total building size of 49,285 square feet.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $38,700,000
- Lender: Santander Bank
- Landlord: Derrick A. Lovett - MBD Community Housing Corporation
- Loan Type: Construction
This transaction features Derrick A. Lovett, representing MBD Community Housing Corporation, which secured the construction loan from Santander Bank to finance the planned development project.
On the Map
$38,700,000
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.41%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93