Updated Mar 3, 2025
Robert Lumaj Secures $32.5M Construction Loan From NorthEast Community Bank For Bronx Development Site
3267 Third Avenue
$32,500,000
Units
73
Asset Type
Development Site
Closing
Feb 12, 2025
About this deal
AI
The asset involved in the transaction is a development site located at 3267 Third Avenue in the Morrisania neighborhood of Bronx. The project is set to encompass a total of 52,842 square feet, accommodating 73 residential units. A construction loan amounting to $32.5 million has been secured for this development project.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $32,500,000
- Address: 3267 Third Avenue
- Market: Morrisania, Bronx
- Lender: NorthEast Community Bank
- Landlord: Robert Lumaj
- Loan Type: Construction
Robert Lumaj is the landlord for this development project, having facilitated the acquisition of financing through NorthEast Community Bank, which specializes in supporting construction endeavors.
On the Map
$32,500,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.49%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93