VAJA Group Secures $29.3M Refi Loan For Development Site At 1420 Stebbins Avenue In The Bronx
1420 Stebbins Ave Bronx, NY 10459, USA
$29,327,000
$543/SF
Building Size
53,929 SF
Asset Type
Development Site
Closing
Apr 25, 2023
AI
The VAJA Group has successfully secured a $29.3 million refinance loan from JLL Real Estate Capital for their development site located at 1420 Stebbins Avenue in East Morrisania, Bronx. The site is currently undergoing new building construction for a 73-unit, 53,929 square-foot R-2 building. The loan transaction was finalized on April 26 and officially recorded on May 1.
Summary of transaction details
- Property Type: Development Site
- Loan Amount: $29,327,000
- Loan Type: Refinance
- Lender: JLL - Teresa Goerish
- Landlord: VAJA Group - Moses Freund
This significant financing deal was facilitated by Teresa Goerish, the representative from JLL Real Estate Capital, who worked closely with the VAJA Group, represented by Moses Freund, to secure the loan. The successful refinance loan enables the VAJA Group to continue the development of their 53,929 square-foot R-2 building in East Morrisania, Bronx.
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
0.54%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93