Updated Sep 2, 2026
Joseph Seidenfeld Of Timber Equities Secures $21 Million Construction Loan For Development Site In Inwood
$21,000,000
Units
60
Asset Type
Development Site
Closing
Jul 19, 2024
About this deal
AI
The asset involved in this transaction is a development site located at 5055 Broadway in Inwood, Manhattan. The property encompasses a building square footage of 43,203 and is intended for a 60-unit residential project. The loan secured was for a construction type, amounting to $21,000,000.
Summary of transation details:
- Property Type: Development Site
- Transaction Amount: $21,000,000
- Address: 5055 Broadway
- Market: Inwood, Manhattan
- Asset Square Footage: 43,203
- Lender: Bank Hapoalim (BHI)
- Landlord: Joseph Seidenfeld - Timber Equities
- Loan Type: Construction
Key individuals involved in this transaction include Joseph Seidenfeld, representing Timber Equities as the landlord, who facilitated the acquisition of the loan through Bank Hapoalim for the development project.
Players
Market Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.76%
Cash-on-Cash
-0.22%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93