Updated Dec 4, 2024
Joel Wieder Secures $34.8M Construction Loan For Fordham Heights Residential Project
2047 Ryer Avenue
$34,800,000
Units
102
Asset Type
Development Site
Closing
Mar 26, 2024
About this deal
AI
Located at 2047 Ryer Avenue in Fordham Heights, Bronx, the development site spans 70,710 square feet and is designated for a 102-unit residential project. Joel Wieder, acting as the landlord, oversaw the property.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $34,800,000
- Asset Size: 70,710 square feet
- Number of Units: 102
- Lender: Northeast Community Bank
- Borrower: Gw Ryer LLC
- Loan Type: Construction
Joel Wieder, representing Gw Ryer LLC, secured a $34.8 million construction loan from Northeast Community Bank for the development of the 102-unit residential project at 2047 Ryer Avenue in Fordham Heights, Bronx.
On the Map
$34,800,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.46%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93