Updated Sep 25, 2025
Westbridge Realty Group Secures $9.9M Loan From IceCap Group For Belmont Development Site
2351 Lorillard Place
$9,900,000
Units
90
Asset Type
Development Site
Closing
Aug 21, 2025
About this deal
AI
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.
On the Map
$9,900,000
Development Site
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Players
Bronx Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.60%
Cash-on-Cash
-0.46%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93