Timber Equities Secures $44M Construction Loan For Development Site In Marble Hill, Manhattan
168-174 West 225th Street
$44,000,000
Building Size
—
Asset Type
Development Site
Closing
Oct 24, 2023
AI
Timber Equities, represented by Joseph Seidenfeld, has secured a $44 million construction loan from Bank Hapoalim for the development site located at 168-174 West 225th Street in Marble Hill, Manhattan.
Summary of transation details
- Property Type: Development Site
- Loan Amount: $44,000,000
- Loan Type: Construction
- Lender: Bank Hapoalim
- Landlord: Joseph Seidenfeld - Timber Equities
The loan was obtained through the entity Bank Hapoalim B.M., providing the necessary financing for the construction project at 168-174 West 225th Street. This transaction showcases the collaboration between Timber Equities, led by Joseph Seidenfeld, and Bank Hapoalim to support the development of this property in Marble Hill, Manhattan.
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
0.36%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93