Updated Oct 29, 2024
Luce Popaj's 773 Grote LLC Secures $6.5M Construction Loan From NorthEast Community Bank For Belmont Development Site
773 Grote St Bronx, NY 10460, USA
$6,500,000
Units
34
Asset Type
Development Site
Closing
Apr 20, 2023
About this deal
AI
Luce Popaj, operating through 773 Grote LLC, secured a $6.5 million construction loan from NorthEast Community Bank for a residential project at 773 Grote Street in Belmont, Bronx. The development site consists of 34 units.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $6,500,000
- Address: 773 Grote Street, Belmont, Bronx
- Market: Belmont, Bronx
- Lender: NorthEast Community Bank
- Loan Type: Construction
The borrower, Luce Popaj, represented by their broker Luce Popaj's REP - NorthEast Community Bank, secured the construction loan from NorthEast Community Bank. The loan was closed on April 20, 2023.
On the Map
$6,500,000
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.44%
Cash-on-Cash
-0.70%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93