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2895 Valentine Avenue

Updated Dec 4, 2024

Valentine 26 LLC Secures $19.3M Refinancing Loan For Bedford Park Development Site
FINANCEDDevelopment Site

Valentine 26 LLC Secures $19.3M Refinancing Loan For Bedford Park Development Site

2895 Valentine Avenue

$19,300,000

Units

62

Asset Type

Development Site

Closing

Sep 29, 2023

About this deal

AI

Abraham Grunbaum and Emeric Weinstock, acting through their entity Valentine 26 LLC, secured a refinancing loan valued at $19.3 million from Bank of Princeton, through The Bank Of Princeton, for a 62-unit project at 2895 Valentine Avenue in Bedford Park, Bronx. The property is a development site with a building square footage (BSF) of 38,412. The loan was obtained to refinance the existing debt on the property.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $19,300,000
  • Market: Bedford Park, Bronx
  • Address: 2895 Valentine Avenue
  • Lender: Peggy Lane - Bank of Princeton
  • Landlord: Abraham Grunbaum & Emeric Weinstock

Abraham Grunbaum and Emeric Weinstock, acting through Valentine 26 LLC, were the borrowers in this refinancing transaction. The loan was provided by Peggy Lane from the Bank of Princeton. This transaction allows Abraham Grunbaum and Emeric Weinstock to alleviate the current debt on their development site and continue their project in Bedford Park, Bronx.

On the Map

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$19,300,000

Development Site

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Players

Bank of Princeton
Bank of PrincetonLender

Emeric Weinstock

Landlord

$65.8M

vol

3 deals

Landlord
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Bronx 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

0.82%

Cash-on-Cash

-0.23%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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