Updated Nov 28, 2024
RXR Realty Secures $75.2M Construction Loan For Development Site In Mott Haven
2413 3rd Avenue, Bronx, NY, USA
$75,200,000
$1,907/SF
Building Size
39,426 SF
Asset Type
Development Site
Closing
Jul 14, 2020
About this deal
AI
2413 Third Avenue, located in the Mott Haven neighborhood, has recently undergone a closed property transaction. This transaction involves a development site, presenting an opportunity for further construction and development in the area.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $75,200,000
- Lender: Bank of America
- Landlord: RXR Realty
Michael Maturo and Scott Rechler participated in this transaction as representatives of Bank of America and RXR Realty respectively. They played crucial roles in securing a $75,200,000 construction loan from Bank of America for the development site located at 2413 Third Avenue in Mott Haven.
Players
New York 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
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93