Buildhouser Secures $21.1 Million Construction Loan From Northeast Community Bank For Bronx Development Site
23 Mount Hope Place
$21,100,000
Units
99
Asset Type
Development Site
Closing
Apr 23, 2026
AI
The property asset involved in this transaction is a development site located at 23 Mount Hope Place in Mt Hope, Bronx. This site is designated for a residential project comprising 99 units. The loan amount secured for this project is $21,100,000, provided through a construction loan arrangement.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $21,100,000
- Lender: Northeast Community Bank
- Landlord: Joel Brach - Buildhouser
- Loan Type: Construction
The construction loan was secured by Buildhouser, represented by Mt Hope 23 LLC, facilitating the development of the residential project in the Bronx. This loan plays a crucial role in advancing the project goals set by the landlord.
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
0.75%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93