Updated Oct 29, 2024
Morgan Stanley Provides $77.7M Loan For Bronx Multifamily Portfolio
1299 Grand Concourse, The Bronx, NY 10452, USA
$77,700,000
$5,180/SF
Building Size
15,000 SF
Asset Type
MultiFamily
Closing
Feb 6, 2020
About this deal
AI
The multifamily properties located at 1299 Grand Concourse, 2500 University Avenue, 2785 Sedgwick Avenue, 3018 Heath Avenue, 1576 Taylor Avenue, 2505 Aqueduct Avenue, 1264-1270 Gerard Avenue, and 1945 Loring Place in the Bronx have been involved in a recent closed transaction.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $77,700,000
- Lender: Morgan Stanley
- Brokers: Bryan [...]
- Loan Terms: 3.635% (10-year, fixed-rate, interest-only loan)
- Units: 537 (528 residential, 9 retail)
The deal was facilitated with the help of the broker Bryan [...], representing the involved parties in the transaction. The loan provided by Morgan Stanley amounted to $77,700,000 with a fixed rate of 3.635% over a period of 10 years, allowing for interest-only payments. The properties consist of a total of 537 units, including 528 residential units and 9 retail units.
On the Map
$77,700,000
$5,180/SF
MultiFamily
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Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93