Updated Oct 29, 2024
Maddd Equities Secures $4.2M Construction Loan For Vacant Lot In Bronx
139 Alexander Avenue, Staten Island, NY 10312
$4,157,000
Building Size
—
Asset Type
Development Site
Closing
Sep 11, 2018
About this deal
AI
A vacant lot located at 139-141 Alexander Ave in the Mott Haven area of the Bronx has been secured for development. The property is approved for the construction of three 6-story residential towers. The project is being undertaken by Jorge Madruga of Maddd Equities.
Summary of transaction details
- Property Type: Vacant Lot – With Approvals for (3) 6-Story Residential Towers
- Transaction Amount: $4,157,000
- Address: 139-141 Alexander Ave, Bronx
- Market: Mott Haven
Brad Domenico from Progress Capital represented Jorge Madruga of Maddd Equities in the deal. Sterling National Bank provided a $4,157,000 construction loan to facilitate the development of the property. The loan has a term of 18 months with interest-only payments.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
3.82%
Cash-on-Cash
-1.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93