Abraham Silber, Joel Freund, And Volvy Silber Secure $21.9M Construction Loan For Pelham Bay Project
3109 Buhre Avenue
$21,900,000
Building Size
—
Asset Type
Development Site
Closing
May 29, 2025
AI
A construction loan of $21,900,000 was secured for a development site located at 3109 Buhre Avenue in the Pelham Bay neighborhood of Bronx. This site encompasses a total building square footage of 76,185 and is intended for a 93-unit residential project.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $21,900,000
- Lender: Larry Elman & Jason Grossman - Broadview Capital
- Landlord: Abraham Silber, Joel Freund, and Volvy Silber
- Loan Type: Construction
The construction loan facilitates the efforts of Abraham Silber, Joel Freund, and Volvy Silber in developing a residential project, highlighting their engagement with Broadview Capital for the financial backing required for the project at the specified address.
Players
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
0.72%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93