LMF Commercial (A Lennar Co.) Provides $39M Refinance Loan For Multifamily Portfolio In The Bronx
160 West Kingsbridge Road, The Bronx, New York 10463, United States
$39,000,000
$143/SF
Building Size
271,233 SF
Asset Type
MultiFamily
Closing
Dec 10, 2021
AI
The property involved in this closed transaction is a multifamily asset located at 160 W. Kingsbridge Road, 3004, 3011, 3021 & 3030 Heath Ave,. 2487 & 2497 Grand Ave. & 2500 Webb Ave. in the Bronx. The property spans a total of 271,233 square feet.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $39,000,000
- Market: Bronx
- Lender: LMF Commercial (A Lennar Co.) - Nihad Choudhury
- Landlord: Barry Singer
- Broker: Jonathan Singer - Strategic Funding
The loan involved in this transaction was a refinancing deal. It was provided by LMF Commercial (A Lennar Co.), with Nihad Choudhury representing the lender. The loan amount was $39,000,000, with a CMBS execution and a 10-year term. The loan terms included a full-term interest-only period and a loan-to-value ratio (LTV) of 75%.
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
0.41%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93