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Drew Katz's Maddd Equities, Joy Construction & Sterling National Bank Secure $50.5M Loan For Bronx Development Site

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FINANCED
$50,500,000

New York

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Development Site1,640,000 SF
Financed 05/29/2020
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Property Image
FINANCED

Drew Katz's Maddd Equities, Joy Construction & Sterling National Bank Secure $50.5M Loan For Bronx Development Site

1822 Bruckner Blvd, The Bronx, NY 10473, USA

See Similar Deals
Development Site1,640,000 SF
Financed 05/29/2020
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$30
Total Square Footage:1,640,000 SF
Transaction Type:Loan

18-22 Bruckner Blvd, located in the Bronx's Mott Haven neighborhood, was the subject of a recent closed property transaction. The development site, spanning a total of 164,000 square feet, was sold for a loan amount of $50,500,000. The deal involved the following key individuals and companies:

Summary of Transaction Details

  • Property Type: Development site
  • Transaction Amount: $50,500,000
  • Lender: Sterling National Bank
  • Landlord: Drew Katz, Maddd Equities - Jorge Madruga, Joy Construction - Eli Weiss
  • Broker: Brad Domenico - @Progress.Capital

Brad Domenico, representing @Progress.Capital, facilitated the transaction as the broker. The lender, Sterling National Bank, provided the loan for the acquisition of the 18-22 Bruckner Blvd development site. The property's landlords are Drew Katz from Maddd Equities, Jorge Madruga from Joy Construction, and Eli Weiss. No additional information regarding the property or the deal was available.

Players

Brad Domenico
Cushman & Wakefield
Brad Domenico
134 deals$3.6B volume
BROKER
Sterling National Bank
Sterling National Bank
LENDER

Details

FINANCED
IMAGE: Brad Domenico (@Domenico317), Eli Weiss (@EWeissNYC), Jorge Madruga & Drew Katz DATE: 05/29/2020 ADDRESS: 18-22 Bruckner Blvd MARKET: Bronx, Mott Haven ASSET TYPE: Development site LENDER: Sterling National Bank LANDLORD: Drew Katz, Maddd Equities – Jorge Madruga, Joy Construction – Eli Weiss BROKER: Brad Domenico – @Progress.Capital LOAN AMOUNT: $50,500,000 BSF: 164,000

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$50,500,000.00

Monthly NOI$336,666.67
Monthly Debt Service$319,194.35
Change in Cash Flow$0.00
Refinance Proceeds$0.00