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Equitas Capital Group Arranges $6.6M Construction Loan For Bronx Mixed-Use Property

Property Image
FINANCED
$6,565,000
Michael Fey
Alex Leykind

New York

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Mixed-use24,426 SF
Financed 03/15/2023
the dealplayerscompscontact
Property Image
FINANCED

Equitas Capital Group Arranges $6.6M Construction Loan For Bronx Mixed-Use Property

Mixed-use24,426 SF
Financed 03/15/2023
Michael Fey
Alex Leykind
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$268
Total Square Footage:24,426 SF
Transaction Type:Loan

The mixed-use property located in Bronx with a total square footage of 24,426 has undergone a closed transaction. The loan for this property was provided by Equitas Capital Group.

Summary of transaction details

  • Property Type: Mixed-Use
  • Transaction Amount: $6,565,000
  • Market: Bronx
  • BROKERS: Michael Fey & Alex Leykind - Equitas Capital Group

Equitas Capital Group offered a construction loan for the property. The terms of the loan include a rate of WSJ Prime + 1%, loan-to-cost ratio of 75%, a term of 18 months with a potential 6-month extension, interest-only amortization, and no prepayment penalty.

Equitas Capital Group specializes in construction loans and goes beyond arranging financing. They understand the construction process and work closely with their lenders and engineers to ensure a smooth requisition/draw process for their clients. For more information, interested parties can contact Equitas Capital Group at 646-637-7510 or email [email protected].

Players

Alex Leykind
Equitas Capital Group
Alex Leykind
75 deals$478M volume
BROKER
Michael Fey
Equitas Capital Group
Michael Fey
15 deals$89.9M volume
BROKER

Details

FINANCED
IMAGE: Alex Leykind & Michael Fey DATE: 03/15/2023 MARKET: Bronx ASSET TYPE: Mixed-Use ~ SF: 24,426 BROKERS: Michael Fey (@MichaelFey_CRE) & Alex Leykind (@AlexLeykind1) - Equitas Capital Group (@EquitasCapitalGroup) LOAN AMOUNT: $6,565,000 LOAN TYPE: Construction LOAN TERMS: Rate: WSJ Prime + 1%; LTC: 75%; Term: 18 Months  + (1) 6 Month Extension; Amortization: Interest Only; Prepayment: NONE NOTEFROM BROKER: When it comes to construction loans, Equitas Capital Group does more than just arrange the financing. Equitas Capital Group understands the construction process. We work together with our lenders and their engineers to facilitate our clients throughout the term of their construction loan to ensure that the requisition/draw process is quick and efficient. Please reach out to Equitas Capital Group to learn how we can help you finance your next commercial property at 646-637-7510 or email [email protected]

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$6,565,000.00

Monthly NOI$43,766.67
Monthly Debt Service$41,495.27
Change in Cash Flow$0.00
Refinance Proceeds$0.00