Updated Dec 4, 2024
Vaja Group Secures $16.8M Construction Loan For 42-Unit Project In Pelham Bay, Bronx
2135 Colonial Avenue
$16,750,000
Units
42
Asset Type
Development Site
Closing
Dec 21, 2023
About this deal
AI
A development site located at 2135 Colonial Avenue in Pelham Bay, Bronx has secured a $16.8 million new construction loan from NorthEast Community Bank. The project, owned by Pelham Residences LLC, will consist of 42 units with a buildable square footage (BSF) of 25,000.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $16,750,000
- Units: 42
- Address: 2135 Colonial Avenue
- Market: Pelham Bay, Bronx
- Loan Type: Construction
- Loan Lender: Raymond L. Francis - Northeast Community Bank
- Landlord: Moses Freund - Vaja Group
Vaja Group, represented by Moses Freund of Vaja Group, secured the loan from Northeast Community Bank for the development project at 2135 Colonial Avenue. The loan will support the construction of 42 residential units in Pelham Bay, Bronx.
On the Map
$16,750,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.95%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93