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Sam Rubin Of Rubin Equities Secures $36M Construction Loan From Popular Bank For 107 Units
FINANCED
$36,000,000
New York
See Similar DealsDevelopment Site
Financed 12/27/2024
FINANCED
Sam Rubin Of Rubin Equities Secures $36M Construction Loan From Popular Bank For 107 Units
286 Rider Avenue
See Similar DealsDevelopment Site
Financed 12/27/2024
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
A development site located at 286 Rider Avenue in Mott Haven, Bronx is set for a 107-unit residential project. The project secured a construction loan of $36,000,000, aimed at facilitating its development.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $36,000,000
- Lender: Popular Bank
- Landlord: Sam Rubin - Rubin Equities
- Date of Transaction: 12/27/2024
Sam Rubin, representing Rubin Equities, is behind this significant construction loan provided by Popular Bank for the residential project in Mott Haven. This transaction highlights the collaboration between the lender and the landlord to support residential development in the area.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$36,000,000.00
Monthly NOI$240,000.00
Monthly Debt Service$227,544.49
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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