Updated Jun 12, 2026
Grun Group Secures $9.8 Million Construction Loan From IceCap Group For Bronx Development Site
2786 Webster Avenue
$9,800,000
Units
99
Asset Type
Development Site
Closing
May 26, 2026
About this deal
AI
The property at 2786 Webster Avenue is a development site located in the Bronx, featuring a building size of 61,739 square feet. It is intended for a residential project consisting of 99 units. The loan secured for this project amounts to $9,800,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $9,800,000
- Address: 2786 Webster Avenue
- Market: Bronx
- Lender: IceCap Group
- Landlord: Grun Group
- Loan Type: Construction
Grun Group, along with Yaakov Lefkowitz, through 2800 Webster BSD LLC, has engaged in securing financing for the planned residential project at this location. The loan was provided by IceCap Group’s Ice Lender Holdings, LLC.
On the Map
$9,800,000
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
1.62%
Cash-on-Cash
-0.46%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93