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Phipps Houses Secures $188M Construction Loan For West Farms Multifamily

Property Image
FINANCED
$188,000,000

New York

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MultiFamily1,665 SF
Financed 01/12/2022
the dealdetailscomps
Property Image
FINANCED

Phipps Houses Secures $188M Construction Loan For West Farms Multifamily

1005 East 180th Street, The Bronx, New York 10457, United States

See Similar Deals
MultiFamily1,665 SF
Financed 01/12/2022
the dealdetailscomps

Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$112,912
Total Square Footage:1,665 SF
Transaction Type:Loan

The property involved in this transaction is a multifamily asset located at 1005 E. 180th St. in the West Farms market. It consists of 1,665 units.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $188,000,000
  • Address: 1005 E. 180th St.
  • Market: West Farms
  • Units: 1,665

The landlord for this property is Phipps Houses, represented by Adam Weinstein.

This transaction involves a construction loan of $188,000,000.

Details

FINANCED
IMAGE: Adam Weinstein DATE: 01/12/2022 ADDRESS: 1005 E. 180th St. MARKET: West Farms ASSET TYPE: Multifamily ~ UNITS: 1,665 LANDLORD: Phipps Houses - Adam Weinstein LOAN AMOUNT: $188,000,000 LOAN TYPE: Construction

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$188,000,000.00

Monthly NOI$1,253,333.33
Monthly Debt Service$1,188,287.88
Change in Cash Flow$0.00
Refinance Proceeds$0.00