Leyton Properties Secures $10.33M Construction Loan From Provident Bank For 28 Unit Development
1373 Bellmore Road
$10,330,000
$224/SF
Building Size
46,000 SF
Asset Type
MultiFamily
Closing
Jun 23, 2026
AI
The asset involved in the transaction is a multi-family property located at 1373 Bellmore Road, North Bellmore. The total square footage of the property is 46,000, comprising 28 units. Leyton Properties successfully acquired this property, which underwent a change of zone from religious use to multifamily, enabling the construction of luxury, active-adult rental units.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $10,330,000
- Loan Type: Construction
- Lender: Provident Bank
- Borrower: Leyton Properties
Key individuals involved in this transaction include Leyton Properties, the borrower securing the loan for development, and Provident Bank, the lender financing this construction project to meet the demand for apartments in Nassau County.
Players
North Bellmore 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
1.54%
Cash-on-Cash
-0.44%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93