M&T Bank Provides $54.6M Construction Loan For Inwood Development Site
400 West 219th Street, New York City, New York 10034, United States
$54,624,128
$453/SF
Building Size
120,400 SF
Asset Type
Development Site
Closing
Apr 19, 2022
AI
The property is a development site located at 400 West 219th Street in the Inwood neighborhood. The asset has a buildable square footage (BSF) of 120,400. A construction loan was secured for a total of $54,624,128 to facilitate the development of this site.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $54,624,128
- Loan Type: Construction
- Lender: M&T Bank
- Landlord: Atlantic Development Group & Zeta Charter Schools
The transaction involves key representatives including the lender, M&T Bank, and the landlords, Atlantic Development Group & Zeta Charter Schools, who are pivotal in the financing and development process of the site.
Players
New York 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
0.29%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93