Westbridge Realty Group Lands $28.2M Construction Loan From Ponce Bank For Belmont Development Site
2351 Lorillard Place
$28,200,000
Units
90
Asset Type
Development Site
Closing
Mar 19, 2026
AI
The property involved in this transaction is a development site located at 2351 Lorillard Place in Belmont, Bronx. The asset is intended for a 90-unit residential rental project, ensuring a significant presence in the local real estate market.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $28,200,000
- Lender: Ponce Bank
- Landlord: Steven Westreich - Westbridge Realty Group
- Loan Type: Construction
- Entity: Lordillard Commons LLC
Key individuals involved in the transaction include Steven Westreich, representing Westbridge Realty Group, who has secured the construction loan from Ponce Bank. This partnership indicates a focused effort on developing residential rental units in Belmont, Bronx.
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
0.56%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93