Updated Apr 1, 2025
Cheskel Schwimmer Secures $95 Million Construction Loan From Valley National Bank For Development Site
622 11th Avenue
$95,000,000
Building Size
—
Asset Type
Development Site
Closing
Mar 19, 2025
About this deal
AI
The asset involved in this transaction is a development site located at 622 11th Avenue in New York City. The property is associated with a construction loan amounting to $95,000,000.00.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $95,000,000.00
- Lender: Valley National Bank
- Landlord: Cheskel Schwimmer
- Loan Type: Construction
- Loan Date: 03/19/2025
- Market: New York City
This transaction involves key individuals including Cheskel Schwimmer, who serves as the landlord for the property, and Valley National Bank, which is the lender providing the construction loan. Their involvement highlights the financial dynamics requisite for developing the asset.
On the Map
$95,000,000
Development Site
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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
0.17%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93