Updated Feb 16, 2024
NorthEast Community Bank Provides $8.7M Construction Loan For Longwood Development Site
672 Union Avenue, The Bronx, New York 10455, United States
$8,700,321
$276/SF
Building Size
31,470 SF
Asset Type
Development Site
Closing
Aug 10, 2022
About this deal
AI
A development site located at 672 Union Avenue in Longwood, with a buildable square footage (BSF) of 31,470 and 31 units, has recently undergone a transaction.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $8,700,321
- Address: 672 Union Avenue
- Market: Longwood
- BSF: 31,470
- Units: 31
In this transaction, the lender, NorthEast Community Bank, provided a construction loan of $8,700,321. The landlord, Abraham Biller, was involved in the deal as well.
The development site loan at 672 Union Avenue, The Bronx, New York 10455, United States in New York, New York financed for $8.7M in 2022. Reported inventory is 31,470 square feet across 31 units, or about 276 per square foot. This page is the New York, New York file for the 672 Union Avenue, The Bronx, New York 10455, United States development site financed: pricing, party profiles, and other closed development site comps from the same New York sit in the Market section below. Filter that New York development site set by closing date to see what else financed near 672 Union Avenue, The Bronx, New York 10455, United States around 2022. Published consideration for 672 Union Avenue, The Bronx, New York 10455, United States is $8.7M, dated 2022. Cite this NorthEast Community Bank Provides $8.7M Construction Loan For Longwood Development Site loan when underwriting similar development site product around New York, New York.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.82%
Cash-on-Cash
-0.52%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93