Updated Oct 29, 2024
L&M Development Partners Secures $218.7M Loan For Bronx Point Development Site
65 East 149th Street, Bronx, NY, USA
$218,655,000
$6,548/SF
Building Size
33,388 SF
Asset Type
Development Site
Closing
Jan 13, 2021
About this deal
AI
The Bronx development site located at 65 East 149th Street has been involved in a recent loan transaction. The loan amount provided by New York City HDC to the developer L+M Development Partners is $218,655,000.
Summary of transaction details
- Property Type: Development site
- Transaction Amount: $218,655,000
- Address: 65 East 149th Street
- Market: Bronx
- Asset Type: Development site
- Units: 540 (approx.)
The loan will facilitate the development of the property, and it is worth noting that Bronx Point, upon completion, will house the new Universal Hip Hop Museum. The museum, occupying 50,000 SF of space, will add significant cultural value to the project.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93