Valley National Bank Provides $4.4M Construction Loan For Mixed-Use Property In Washington Heights - Brad Domenico & John Libretti Represent The Borrower
537 Edgecombe Avenue, New York, NY, USA
$4,400,000
$411/SF
Building Size
10,691 SF
Asset Type
Mixed-use
Closing
Mar 25, 2021
About this deal
AI
A $4,400,000 loan was secured for a mixed-use property located at 537 Edgecombe Ave in Washington Heights. The loan was provided by Valley National Bank and comes with 24-month interest only construction loan terms.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $4,400,000
- Address: 537 Edgecombe Ave
- Market: Washington Heights
The loan transaction was facilitated by Brad Domenico and John Libretti of Progress Capital, who acted as the brokers in the deal.
The mixed use loan at 537 Edgecombe Avenue, New York, NY, USA in New York, New York financed for $4.4M in 2021. The building is 10,691 square feet, implying about 411 per square foot on the published price. Brad Domenico, John Libretti, Progress Capital appear on the loan alongside Progress Capital. This page is the New York, New York file for the 537 Edgecombe Avenue, New York, NY, USA mixed use financed: pricing, party profiles, and other closed mixed use comps from the same New York sit in the Market section below. Filter that New York mixed use set by closing date to see what else financed near 537 Edgecombe Avenue, New York, NY, USA around 2021. Published consideration for 537 Edgecombe Avenue, New York, NY, USA is $4.4M, dated 2021. Cite this Valley National Bank Provides $4.4M Construction Loan For Mixed-Use Property In Washington Heights - Brad Domenico & John Libretti Represent The Borrower loan when underwriting similar mixed use product around New York, New York.
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
3.61%
Cash-on-Cash
-1.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93