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Shimshon Grunstein Secures $17.1M Construction Loan From Northeast Community Bank For Development Site In Bronx
FINANCED
$17,100,000
New York
See Similar DealsDevelopment Site
Financed
FINANCED
Shimshon Grunstein Secures $17.1M Construction Loan From Northeast Community Bank For Development Site In Bronx
3006 Williamsbridge Road
See Similar DealsDevelopment Site
Financed
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
A construction loan was secured for a development site located at 3006 Williamsbridge Road in the Allerton neighborhood of Bronx. The asset covers an area of 46,905 square feet and will facilitate the construction of a residential building with 55 units. The total loan amount is $17,100,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $17,100,000
- Address: 3006 Williamsbridge Road
- Market: Allerton, Bronx
- Asset Size: 46,905 sq. ft.
- Lender: Northeast Community Bank
- Landlord: Shimshon Grunstein
- Loan Type: Construction
Shimshon Grunstein, through 3006 Williamsbridge LLC, is the landlord involved in this transaction and facilitated the acquisition of the financing needed for the development project from Northeast Community Bank.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$17,100,000.00
Monthly NOI$114,000.00
Monthly Debt Service$108,083.63
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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