Oleksandr Nad Secures $13 Million Construction Loan For 18-Unit Development In Two Bridges
83 Madison Street
$13,000,000
Building Size
—
Asset Type
Development Site
Closing
May 29, 2026
AI
The transaction involved a development site located at 83 Madison Street in the Two Bridges market of Manhattan. This property encompasses 18 units and offers a total of 24,041 square feet. A construction loan of $13 million was secured for the project.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $13,000,000
- Address: 83 Madison Street
- Market: Two Bridges, Manhattan
- Units: 18
- BSF: 24,041
- Lender: Colorado Federal Savings Bank
- Landlord: Oleksandr Nad
- Loan Type: Construction
Oleksandr Nad facilitated this transaction through 83 Madison Holdings LLC, enabling the development of the residential project at the specified address. The construction loan was provided by Colorado Federal Savings Bank.
Players
Madison 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
1.22%
Cash-on-Cash
-0.35%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93