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Vaja Group Secures $16.8M Construction Loan For 42-Unit Project In Pelham Bay, Bronx
FINANCED
$16,750,000
New York
See Similar DealsDevelopment Site
Financed 12/21/2023
FINANCED
Vaja Group Secures $16.8M Construction Loan For 42-Unit Project In Pelham Bay, Bronx
2135 Colonial Avenue
See Similar DealsDevelopment Site
Financed 12/21/2023
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$16,750,000.00
Monthly NOI$111,666.67
Monthly Debt Service$105,871.39
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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