Westbridge Realty Group Secures $3.27M Construction Loan For Bronx Dev Site
1339 Morris Avenue, The Bronx, New York 10456, United States
$3,270,000
$189/SF
Building Size
17,300 SF
Asset Type
Development Site
Closing
Jun 27, 2022
AI
The development site located at 1339 Morris Ave. in Claremont Village, Bronx, has been involved in a recent closed transaction. The property is a development site with a building size factor (BSF) of 17,300 square feet.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $3,270,000
- Market: Claremont Village, Bronx
- Lender: IceCap Group - Joey Bekar & Ezra Dweck
- Landlord: Westbridge Realty Group - Steven Westreich & Abe Jemal
- Broker: Yaakov Lefkowitz - Lefko Capital Group
- Loan Type: Construction
The lender for this transaction was IceCap Group, represented by Joey Bekar and Ezra Dweck. The landlord, Westbridge Realty Group, was represented by Steven Westreich and Abe Jemal. The broker involved in the deal was Yaakov Lefkowitz from Lefko Capital Group. The loan amount for this construction project was $3,270,000.
According to a note from the landlord, Westbridge is excited to begin construction on this 23-unit development, which marks their 3rd project on this block. They have been actively seeking Bronx development opportunities without an abatement grandfathered.
Players
New York 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
4.85%
Cash-on-Cash
-1.39%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93