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Indigo Developers And Joel Steinmetz Secure $6.5M Construction Loan From IceCap Group In Bronx
FINANCED
$6,500,000
New York
See Similar DealsDevelopment Site
Financed 05/06/2025
FINANCED
Indigo Developers And Joel Steinmetz Secure $6.5M Construction Loan From IceCap Group In Bronx
3567 Willett Avenue
See Similar DealsDevelopment Site
Financed 05/06/2025
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
A development site located at 3567 Willett Avenue in Olinville, Bronx has been secured for a construction project. The project will consist of 27 residential units and has a loan amount of $6,500,000 obtained for its construction.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $6,500,000
- Lender: IceCap Group
- Landlord: Indigo Developers & Joel Steinmetz
- Loan Type: Construction
- Transaction Date: 05/06/2025
The key individuals involved in this transaction include the lender, IceCap Group, who provided the financing, and the landlords, Indigo Developers and Joel Steinmetz, who are overseeing the development of the project.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$6,500,000.00
Monthly NOI$43,333.33
Monthly Debt Service$41,084.42
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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