Maddd Equities And Joy Construction Acquire Mixed-Use Property In Bronx With $64M Loan From Wells Fargo
1184 River Ave, The Bronx, NY 10452, USA
$64,000,000
$188/SF
Building Size
340,000 SF
Asset Type
Mixed-use
Closing
Jul 1, 2019
About this deal
AI
Eli Weiss and Jorge Madruga have closed a mixed-use property transaction in the Bronx. The property, located at 1159 and 1184 River Avenue, was acquired by Maddd Equities and Joy Construction. The deal was facilitated by Wells Fargo, who provided a loan amount of $64,000,000.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $64,000,000
- Lender: Wells Fargo
- Landlord: Maddd Equities and Joy Construction
Eli Weiss and Jorge Madruga represented Maddd Equities and Joy Construction, respectively, in this transaction.
Players
New York Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93