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Mitchell Netburn Of Samaritan Daytop Village Secures $270 Million Construction Loan In Highbridge Bronx

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FINANCED
$270,000,000

New York

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Development Site
Financed 06/26/2024
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Property Image
FINANCED

Mitchell Netburn Of Samaritan Daytop Village Secures $270 Million Construction Loan In Highbridge Bronx

1387 University Avenue

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Development Site
Financed 06/26/2024
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Transaction Type:Loan

A construction loan amounting to $270 million has been secured for a development site located at 1387 University Avenue, Highbridge, Bronx. The asset encompasses a total building square footage of 333,508 and will consist of 422 residential units.

Summary of transaction details:

This transaction features key stakeholders including the NYC Housing Development Corporation and Citibank as lenders, facilitating the construction loan for this significant development project. The landlord, Mitchell Netburn, represents Samaritan Daytop Village in this endeavor, underlining their role in the advancement of housing solutions in the area.

Players

Citibank
Citibank
LENDER
NYC Housing Development Corporation
NYC Housing Development Corporation
LENDER
NC
NYS Homeless Housing & Assistance Corporation
LENDER

Details

FINANCED
IMAGE: Mitchell Netburn DATE: 06/26/2024 ADDRESS: 1387 University Avenue MARKET: Highbridge, Bronx ASSET TYPE: Development Site ~ BSF: 333,508 ~ UNITS: 422 LENDER: NYC Housing Development Corporation, NYS Homeless Housing & Assistance Corporation & Citibank LANDLORD: Mitchell Netburn - Samaritan Daytop Village (@SamaritanDaytopVillage) LOAN AMOUNT: $270,000,000 LOAN TYPE: Construction NOTE: Samaritan Daytop Village secured a $270 million construction loan for a 422-unit development at 1387 University Avenue in Highbridge, Bronx. #

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$270,000,000.00

Monthly NOI$1,800,000.00
Monthly Debt Service$1,706,583.66
Change in Cash Flow$0.00
Refinance Proceeds$0.00