Updated Feb 16, 2024
Community Preservation Corporation Provides $137M Construction Loan For Multifamily Project In Bronx
1415-1417 Wythe Place, The Bronx, New York 10452, United States
$137,000,000
Units
228
Asset Type
MultiFamily
Closing
Oct 24, 2022
About this deal
AI
The 228-unit multifamily property located at 1415-1417 Wythe Place, 690-692 East 182nd Street, 737 East 187th Street, 1466 Grand Concourse & 751 East 187th Street in the Bronx has undergone a closed transaction. The deal was finalized on 10/25/2022.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $137,000,000
- Market: Bronx
- Lender: Community Preservation Corporation (CPC) - Brandie Moreno & Robert Riggs, Department of Housing & Preservation (HPD) & Settlement Housing Fund (SHF) - Alexa Sewell & Judy Herbstman
- Loan Amount: $137,000,000
- Loan Type: Construction
The Community Preservation Corporation (CPC), along with Brandie Moreno & Robert Riggs, the Department of Housing & Preservation (HPD), and the Settlement Housing Fund (SHF) represented by Alexa Sewell & Judy Herbstman, provided the construction loan for this property.
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
0.12%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93