Bank Hapoalim B.M. Provides $19M Construction Loan For Mixed-Use Property In Riverdale
3893 Waldo Avenue
$19,000,000
$408/SF
Building Size
46,500 SF
Asset Type
Mixed-use
Closing
Nov 8, 2022
AI
A construction loan in the amount of $19,000,000 has been secured for a mixed-use property located at 3893 Waldo Avenue in Riverdale. The property has a total square footage of 46,500 and is owned by Timber Equities, represented by Jeff Torkin and Joe Seidenfeld. The loan is provided by Bank Hapoalim B.M. - New York (BHI), with Ben Azizi acting as the lender's representative.
Summary of transation details
- Property Type: Mixed-Use
- Transaction Amount: $19,000,000
- Address: 3893 Waldo Avenue
- Market: Riverdale
- Square Footage: 46,500
- Landlord: Timber Equities - Jeff Torkin & Joe Seidenfeld
- Lender: Bank Hapoalim B.M. - New York (BHI) - Ben Azizi
The deal was facilitated by Meir Kessner and David Eisen of Sevenstone Capital, who served as the brokers in the transaction.
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
0.83%
Cash-on-Cash
-0.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93