M&T Bank Provides $54.6M Construction Loan For Inwood Development Site
FINANCED
$54,624,128
New York
See Similar DealsDevelopment Site120,400 SF
Financed 04/20/2022
FINANCED
M&T Bank Provides $54.6M Construction Loan For Inwood Development Site
400 West 219th Street, New York City, New York 10034, United States
See Similar DealsDevelopment Site120,400 SF
Financed 04/20/2022
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$453
Total Square Footage:120,400 SF
Transaction Type:Loan
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
BROKERAGE
LENDER
LANDLORD
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$54,624,128.00
Monthly NOI$364,160.85
Monthly Debt Service$345,261.65
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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