Updated Oct 29, 2024
NYC Housing Development Corp. Provides $80.2M Loan For Bronx Pro Group's Development Site On Courtlandt Ave
925 Courtlandt Avenue, Bronx, NY, USA
$80,190,057
$3,779/SF
Building Size
21,218 SF
Asset Type
Development Site
Closing
Dec 16, 2020
About this deal
AI
A development site located at 925 Courtlandt Ave in the Bronx has recently undergone a closed transaction. The property, which is owned by Bronx Pro Group represented by Peter Magistro, has attracted a significant loan to aid in its development.
Summary of Transaction Details
- Property Type: Development Site
- Transaction Amount: $80,190,057
- Market: Bronx
- Lender: NYC Housing Development Corp.
- Landlord: Bronx Pro Group - Peter Magistro
- Total Units: 168
The NYC Housing Development Corp. provided a loan of $80,190,057 to support the development of the Bronx Pro Group-owned property located at 925 Courtlandt Ave. This development site is situated in the Bronx, a vibrant market known for its potential and growth opportunities.
Represented by Peter Magistro, Bronx Pro Group has successfully secured the necessary funds to further develop this site, showcasing their commitment to the growth of the Bronx region.
Players
New York 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
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93