S3 Capital Provides $9.65M Construction Loan For East Morrisania Development Site
1172 Fox Street, The Bronx, New York 10459, United States
$9,650,000
$9,650,000/SF
Building Size
1 SF
Asset Type
Development Site
Closing
Apr 17, 2023
AI
The property involved in this transaction is a development site located at 1172 Fox Street in the East Morrisania neighborhood of the Bronx. The site spans 1,188 square feet and has a buildable square footage of 40,736. The property is owned by Pinches Abowitz.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $9,650,000
- Market: East Morrisania, Bronx
- Lender: S3 Capital
- Landlord: Pinches Abowitz
- Loan Type: Construction
S3 Capital provided a construction loan of $9,650,000 for the development of 1172 Fox Street. The loan was secured by Pinches Abowitz and will be used to fund the construction of a new project on the site.
Players
Bronx Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.64%
Cash-on-Cash
-0.47%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93