Michael Volpe @highcap_group Secures $4.65M Construction Financing For UWS Development Site
FINANCED
$4,650,000
New York
See Similar DealsDevelopment Site46,000 SF
Financed 01/28/2020
FINANCED
Michael Volpe @highcap_group Secures $4.65M Construction Financing For UWS Development Site
307 W 71st St, New York, NY 10023, USA
See Similar DealsDevelopment Site46,000 SF
Financed 01/28/2020
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$101
Total Square Footage:46,000 SF
Transaction Type:Loan
A development site located at 307 West 71st Street in the Upper West Side (UWS) has been involved in a closed transaction. The property, spanning 4,600 square feet, is set to undergo a conversion from a 9-unit building into a luxury townhouse equipped with an elevator. The loan amount of $4,650,000 was provided by Bank of Hope as construction financing with interest-only terms.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $4,650,000
- Address: 307 West 71st Street
- Market: UWS
- Lender: Bank of Hope
- Landlord: Alex & Sung Kim
- Broker: Michael Volpe @highcap_group
- Square Footage: 4,600
Michael Volpe from Highcap Group represented the parties involved in this deal as the broker.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$4,650,000.00
Monthly NOI$31,000.00
Monthly Debt Service$29,391.16
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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