Updated Dec 4, 2024
Vilson Lumaj Secures $25 Million Construction Loan From Northeast Community Bank For Bronx Development Site
3556 Holland Avenue
$25,000,000
Units
99
Asset Type
Development Site
Closing
Oct 29, 2024
About this deal
AI
A construction loan of $25,000,000 was secured for a development site located at 3556 Holland Avenue, Williamsbridge, Bronx. The asset encompasses a projected 99-unit project with a building square footage of 70,237 BSF.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $25,000,000
- Lender: Northeast Community Bank
- Landlord: Vilson Lumaj
Vilson Lumaj, representing V. Gun Hill Tower LLC, is the key individual involved in securing the loan from Northeast Community Bank, contributing to the development objectives at the specified location.
On the Map
$25,000,000
Development Site
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Players
Bronx Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.63%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93