Valley National Bank Provides $25.8M Construction Loan For Mixed-Use Property In Longwood, Bronx
FINANCED
$25,800,000
New York
See Similar DealsMixed-use
Financed 10/17/2022
FINANCED
Valley National Bank Provides $25.8M Construction Loan For Mixed-Use Property In Longwood, Bronx
2976 3rd Avenue, The Bronx, New York 10455, United States
See Similar DealsMixed-use
Financed 10/17/2022
Summary
NEW YORK
Asset Type:Mixed-use
Transaction Type:Loan
The property involved in this transaction is a mixed-use asset located at 2976 3rd Avenue in Longwood, Bronx. The total loan amount secured for this property is $25,800,000, under a construction loan agreement with Valley National Bank serving as the lender.
Summary of transaction details:
- Property Type: Mixed-Use
- Transaction Amount: $25,800,000
- Address: 2976 3rd Avenue
- Market: Longwood, Bronx
- Lender: Valley National Bank
- Landlord: ACHS Management - Alex Adjmi
- Loan Type: Construction loan
Key individuals involved in this transaction include Alex Adjmi representing ACHS Management as the landlord for the property, facilitating the loan agreement with Valley National Bank for the construction financing.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$25,800,000.00
Monthly NOI$172,000.00
Monthly Debt Service$163,073.55
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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