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
$25,800,000
Building Size
—
Asset Type
Mixed-use
Closing
Oct 16, 2022
AI
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.
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
0.61%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93