Klosed Properties & KSR Development Secures $2.5M Loan From Modern Bank For Mixed-Use Asset In Bronx
FINANCED
$2,500,000
New York
See Similar DealsMixed-use7,915 SF
Financed 05/06/2025
FINANCED
Klosed Properties & KSR Development Secures $2.5M Loan From Modern Bank For Mixed-Use Asset In Bronx
2486 Hughes Avenue
See Similar DealsMixed-use7,915 SF
Financed 05/06/2025
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$315
Total Square Footage:7,915 SF
Transaction Type:Loan
The property asset involved in this transaction is a mixed-use building located at 2486 Hughes Avenue in the Bronx. It encompasses a total square footage of 7,915 and consists of 9 residential units along with 1 retail unit. The acquisition loan for this property amounts to $2,500,000.
Summary of transation details:
- Property Type: Mixed-use
- Transaction Amount: $2,500,000
- Loan Type: Acquisition
- Loan Terms: SOFR + 350, 2 years IO
- Lender: Modern Bank
- Landlord: Klosed Properties & KSR Development
- Broker: Morris Dweck - KSR
Key individuals involved in the transaction include Morris Dweck, who serves as the broker representing the interests within this deal, and the landlords, Klosed Properties & KSR Development, who are responsible for the property management and development aspects.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$2,500,000.00
Monthly NOI$16,666.67
Monthly Debt Service$15,801.70
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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