Updated Oct 28, 2024
IceCap Group Provides $4.2M Ground-Up Construction Loan For Bronx Development Site
1300 Reverend James A. Polite Avenue, Bronx, NY 10459
$4,242,500
$2,142/SF
Building Size
1,980 SF
Asset Type
Development Site
Closing
Jun 7, 2020
About this deal
AI
A development site located at 1300 Rev James Polite Avenue in the Bronx has been purchased for $4,242,500. The site spans an area that can accommodate the construction of 17 units.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $4,242,500
- Units: 17
- Address: 1300 Rev James Polite Avenue, Bronx
The lender for this transaction is IceCap Group, who provided a ground-up construction loan for the development of the site.
Please note that no further information is available regarding the deal's key individuals or companies involved.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.74%
Cash-on-Cash
-1.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93