Paradigm Commercial Real Estate Secures $12.05M Construction Loan For Croton-on-Hudson Development Site
25 South Riverside Avenue
$12,050,000
Building Size
—
Asset Type
Development Site
Closing
Dec 13, 2022
AI
A construction loan in the amount of $12,050,000 has been secured for a development site located at 25 South Riverside Avenue in Croton-on-Hudson. The loan terms include 75% Loan-to-Cost (LTC) ratio, with a fixed interest rate of 6.7% for 3 years. The loan will be interest-only for the full term.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $12,050,000
- Address: 25 South Riverside Avenue, Croton-on-Hudson
- Market: Croton-on-Hudson
The landlords of the development site are Phil Spagnoli and Ralph Rossi. The deal was facilitated by Adrian Edery and Sara Frankel from Paradigm Commercial Real Estate acting as brokers.
Players
Croton On Hudson Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.32%
Cash-on-Cash
-0.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93