Updated Sep 15, 2025
Indigo Developers And Joel Steinmetz Secure $6.5M Construction Loan From IceCap Group In Bronx
3567 Willett Avenue
$6,500,000
Units
27
Asset Type
Development Site
Closing
May 6, 2025
About this deal
AI
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.
On the Map
$6,500,000
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
2.44%
Cash-on-Cash
-0.70%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93