Castellan Real Estate Partners Provides $23 Million Refinance Loan For Bronx Development Site
1580 Story Avenue
$23,000,000
$23,000,000/SF
Building Size
1 SF
Asset Type
Development Site
Closing
Sep 4, 2024
AI
The property involved in this transaction is a development site located at 1580 Story Avenue in the Bronx. It has been refinanced with a total loan amount of $23,000,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $23,000,000
- Lender: Castellan Real Estate Partners
- Broker: Meridian Capital Group
- Loan Type: Refinance
- Loan Date: 09/04/2024
- Market: Bronx
The transaction was facilitated by Meridian Capital Group, representing the interests of the borrower in this refinancing deal with Castellan Real Estate Partners. The loan was finalized on September 4, 2024, enabling the development site to maintain its financial viability in the Bronx market.
Players
Bronx 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
0.69%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93