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Westbridge Realty Group Secures $9.9M Loan From IceCap Group For Belmont Development Site
FINANCED
$9,900,000
New York
See Similar DealsDevelopment Site
Financed 08/21/2025
FINANCED
Westbridge Realty Group Secures $9.9M Loan From IceCap Group For Belmont Development Site
2351 Lorillard Place
See Similar DealsDevelopment Site
Financed 08/21/2025
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
The asset involved in this transaction is a development site located at 2351 Lorillard Place in Belmont, Bronx. The loan amount secured for this property is $9,900,000, which is designated for construction. The site is valued at $1,226 per built square foot and $199 per buildable square foot.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $9,900,000
- Lender: IceCapGroup
- Landlord: Steven Westreich - Westbridge Realty Group
- Loan Type: Construction
- Closing Date: August 21, 2025
- Recording Date: September 19, 2025
Westbridge Realty Group, represented by Steven Westreich, facilitated the acquisition of the construction loan from IceCap Group, tying the financial backing to the development of a 90-unit project at the mentioned address.
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$9,900,000.00
Monthly NOI$66,000.00
Monthly Debt Service$62,574.73
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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