Updated Oct 29, 2024
Exact Capital Secures $123.5M Construction Loan For 182-Unit Project In Westchester Square, Bronx
1340 Blondell Avenue Bronx, New York 10461, USA
$123,500,000
$23,452/SF
Building Size
5,266 SF
Asset Type
Development Site
Closing
Jun 30, 2023
About this deal
AI
The development site located at 1340 Blondell Avenue in Westchester Square, Bronx, is the subject of a recent property transaction. The site spans approximately 5,266 square feet and is classified as a development site.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $123,500,000
- Lender: NYC Housing Development Corporation
- Landlord: Exact Capital - Craig Livingston
Exact Capital, represented by Craig Livingston, secured a construction loan of $123.5 million from the NYC Housing Development Corporation. The loan will fund a 182-unit project on the development site at 1340 Blondell Avenue in Westchester Square, Bronx. This new development project is a significant investment in the property and exemplifies Exact Capital's commitment to urban redevelopment.
On the Map
$123,500,000
$23,452/SF
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93