Updated Jan 2, 2026
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
$159,700,000
Units
727
Asset Type
MultiFamily
Closing
Jan 1, 2026
About this deal
AI
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.
On the Map
$159,700,000
MultiFamily
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Bronx 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
0.10%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93