Updated Oct 25, 2024
Hudson Companies, Gilbane Development, And MHANY Management Secure $256.4M Loan For Hunts Point Development Site
1223 Spofford Avenue Bronx, New York 10474, USA
$256,400,000
Building Size
—
Asset Type
Development Site
Closing
Jun 28, 2023
About this deal
AI
The property involved in the transaction is a development site located at 1223 Spofford Avenue in Hunts Point, Bronx. The development project is being undertaken by Hudson Companies, Gilbane Development, and MHANY Management.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $256,400,000
- Lender: NYC Housing Development Corporation
- Landlord: Hudson Companies - David Kramer & William Fowler, Gilbane Development - Robert V. Gilbane & Edward T. Broderick& MHANY Management
- Loan Type: Construction
Hudson Companies, Gilbane Development, and MHANY Management have secured a new construction loan worth $256.4 million from the NYC Housing Development Corporation. The loan is intended for the development project located at 1223 Spofford Avenue in Hunts Point, Bronx.
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
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93