Klosed Properties & KSR Development Secures $2.5M Loan From Modern Bank For Mixed-Use Asset In Bronx

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.