Robert Lumaj Secures $32.5M Construction Loan From NorthEast Community Bank For Bronx Development Site
3267 Third Avenue
$32,500,000
Building Size
—
Asset Type
Development Site
Closing
Feb 12, 2025
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.
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
0.49%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93