Updated Dec 4, 2024
Chaim Wieder Secures $8.8 Million Construction Loan For Morris Heights Development Site
86 West 174th Street
$8,800,000
Units
38
Asset Type
Development Site
Closing
Oct 13, 2023
About this deal
AI
An $8.8 million construction loan has been secured by Chaim Wieder, through the entity 84 West 174 Project LLC, from Popular Bank. The loan is for the development of a 38-unit residential building located at 86 West 174th Street in Morris Heights, Bronx. The property is a development site with a building square footage (BSF) of 20,097.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $8,800,000
- Address: 86 West 174th Street, Morris Heights, Bronx
- Market: Morris Heights, Bronx
- Lender: Popular Bank
- Landlord: Chaim Wieder
- Loan Type: Construction
Chaim Wieder, acting through the entity 84 West 174 Project LLC, secured the $8.8 million construction loan from Popular Bank for the development of a 38-unit residential building. The loan will support the construction process of the property located at 86 West 174th Street in Morris Heights, Bronx.
Players
Bronx Development Site Market Snapshot
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.80%
Cash-on-Cash
-0.52%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93