Daily limit: 0/10
United Group Of Cos Secures $42M Construction Loan From Berkshire Bank
FINANCED
$42,000,000
New York
See Similar DealsDevelopment Site
Financed 02/23/2024
FINANCED
United Group Of Cos Secures $42M Construction Loan From Berkshire Bank
Congress Street & Sixth Avenue
See Similar DealsDevelopment Site
Financed 02/23/2024
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
The Development Site located at Congress Street & Sixth Avenue in Albany was the subject of a recent transaction involving a loan from Berkshire Bank. The loan amount of $42,000,000 was secured by Michael Uccellini of United Group of Cos for City Station North, a mixed-use project in Troy, adjacent to Albany.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: $42,000,000
- Market: Albany
- Lender: Berkshire Bank
- Landlord: Michael Uccellini - United Group of Cos
- Loan Type: Construction
Michael Uccellini, representing United Group of Cos, successfully obtained construction financing from Berkshire Bank for the City Station North project. This transaction highlights the collaboration between the developer, lender, and landlord in bringing the $42 million mixed-use project to fruition.
Players
LENDER
Details
Stay in the Know
Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.
By subscribing, you agree to our Terms of Service and Privacy Policy.
Similar Deals
Contact
Get in touch with the broker you want
Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$42,000,000.00
Monthly NOI$280,000.00
Monthly Debt Service$265,468.57
Change in Cash Flow$0.00
Refinance Proceeds$0.00
Is there something missing? Send suggestions