Updated Oct 29, 2024
Bolex Capital Group Secures $11.8M Construction Loan For 86-Unit Project In Morrisania, Bronx
3230 Third Ave Bronx, NY 10451, USA
$11,750,000
$473/SF
Building Size
24,814 SF
Asset Type
Development Site
Closing
Jul 20, 2023
About this deal
AI
Aleksandr Gilkarov, Boris Babakhanov, and Daniel Gilkarov of Bolex Capital Group have secured an $11.8 million new construction loan from NorthEast Community Bank for a development site located at 3230 3rd Avenue in Morrisania, Bronx. The property is a development site with a buildable square footage (BSF) of 24,814 and is intended for an 86-unit project.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $11,750,000
- Loan Type: Construction
Aleksandr Gilkarov, Boris Babakhanov, and Daniel Gilkarov, representing Bolex Capital Group through the entity 3230 Third Av., LLC, successfully secured the new construction loan from NorthEast Community Bank. The loan will be used to fund the development of an 86-unit project at 3230 3rd Avenue in Morrisania, Bronx. The loan amount is $11.8 million.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.35%
Cash-on-Cash
-0.39%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93