Westbridge Realty Group Secures $28 Million Construction Loan From Cross River Bank For Bronx Project
1801 Weeks Avenue
$28,000,000
$1,985/SF
Building Size
14,100 SF
Asset Type
Development Site
Closing
Sep 4, 2025
AI
The asset involved in this transaction is a development site located at 1801 Weeks Avenue in Mt Hope, Bronx. The property comprises a total area of 14,100 square feet. A construction loan amounting to $28 million was secured for this project, which is intended to accommodate 99 residential units with a total square footage of 64,398.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $28,000,000
- Address: 1801 Weeks Avenue
- Market: Mt Hope, Bronx
- Lender: Cross River Bank
- Landlord: Steven Westreich & Alexandra Rossland - Westbridge Realty Group
- Loan Type: Construction
The landlords involved in this transaction are Steven Westreich and Alexandra Rossland, who represent Westbridge Realty Group. This group is responsible for the development project at the specified address and has successfully secured the financing needed for construction.
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
0.57%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93