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Highbridge Community Development Corporation Secures $159.7M Construction Loan From Webster Bank For Bronx Multifamily Project
FINANCED
$159,700,000
New York
See Similar DealsMultiFamily
Financed
FINANCED
Highbridge Community Development Corporation Secures $159.7M Construction Loan From Webster Bank For Bronx Multifamily Project
1360 Merriam Avenue, 115 West 172nd Street & 1375 Nelson Avenue
See Similar DealsMultiFamily
Financed
Summary
NEW YORK
Asset Type:MultiFamily
Transaction Type:Loan
The property asset involved consists of 28 Bronx properties located at 1360 Merriam Avenue, 115 West 172nd Street, and 1375 Nelson Avenue. This multifamily asset features a total of 727 units and encompasses 834,507 buildable square feet in the Bronx market.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $159,700,000
- Lender: Webster Bank
- Landlord: Donald Sakano - Highbridge Community Development Corporation
- Loan Type: Construction
The transaction was facilitated by Highbridge Community Development Corporation, which secured a $159.7 million rehab construction loan from Webster Bank to fund the development and rehabilitation of the properties involved in this transaction.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$159,700,000.00
Monthly NOI$1,064,666.67
Monthly Debt Service$1,009,412.63
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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