Updated Sep 4, 2026
Yitzchok Salamon Of Builders Group USA Secures $12.5M Loan For Development Site In Bronx
220 East 179th Street
$12,500,000
Units
80
Asset Type
Development Site
Closing
Sep 2, 2026
About this deal
AI
The asset involved in this transaction is a development site located at 220 East 179th Street in the Mt Hope neighborhood of the Bronx. The total square footage of the property is 47,055 BSF. Builders Group USA is the landlord of the site.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $12,500,000
- Market: Mt Hope, Bronx
- Lender: IceCap Group
- Landlord: Yitzchok Salamon - Builders Group USA
- Loan Type: Construction
Yitzchok Salamon of Builders Group USA secured a construction loan from IceCap Group to facilitate an 80-unit residential development at the specified address. This partnership highlights the collaboration between the developer and the lending institution to advance the project.
On the Map
$12,500,000
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.27%
Cash-on-Cash
-0.36%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93