Updated Feb 16, 2024
Maddd Equities & Joy Construction Secure $140M Construction Loan For South Bronx Development Site
1164 River Ave, Bronx, NY, USA
$140,000,000
Building Size
—
Asset Type
Development Site
Closing
Nov 18, 2021
About this deal
AI
The development site located at 1164–1184 & 1159 River Ave. in the South Bronx has undergone a closed transaction. The property, a development site, was involved in the deal.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $140,000,000
The loan for this transaction was provided by Wells Fargo, Housing Development Corporation, and Department of Housing Preservation & Development. The landlord of the property is Maddd Equities represented by Jorge Madruga and Joy Construction represented by Eli Weiss.
The loan type for this transaction was a construction loan.
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93