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Bolex Capital Group Secures $11.8M Construction Loan For 86-Unit Project In Morrisania, Bronx

Property Image
FINANCED
$11,750,000

New York

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Development Site24,814 SF
Financed 07/20/2023
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Property Image
FINANCED

Bolex Capital Group Secures $11.8M Construction Loan For 86-Unit Project In Morrisania, Bronx

3230 Third Ave Bronx, NY 10451, USA

See Similar Deals
Development Site24,814 SF
Financed 07/20/2023
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$473
Total Square Footage:24,814 SF
Transaction Type:Loan

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

Northeast Community Bank
Northeast Community Bank
LENDER

Details

FINANCED
IMAGE: Aleksandr Gilkarov, Boris Babakhanov & Daniel Gilkarov DATE: 07/20/2023 ADDRESS: 3230 3rd Avenue MARKET: Morrisania, Bronx ASSET TYPE: Development Site ~ BSF: 24,814 LENDER: Northeast Community Bank LANDLORD: Bolex Capital Group - Aleksandr Gilkarov, Boris Babakhanov & Daniel Gilkarov LOAN AMOUNT: $11,750,000 LOAN TYPE: Construction NOTE: Aleksandr Gilkarov of Bolex Capital Group, represented by the entity 3230 Third Av., LLC, secured an $11.8 million new construction loan from NorthEast Community Bank for an 86-unit project located at 3230 3rd Avenue in Morrisania, Bronx.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$11,750,000.00

Monthly NOI$78,333.33
Monthly Debt Service$74,267.99
Change in Cash Flow$0.00
Refinance Proceeds$0.00