Updated Dec 14, 2024
Valley National Bank Provides $32.7M Construction Loan For Bronx Multifamily Project
171 East 205th Street & 189 East 205th Street
$32,715,021
$333/SF
Building Size
98,101 SF
Asset Type
MultiFamily
Closing
Feb 27, 2023
About this deal
AI
The closed transaction involves a multifamily property located at 171 East 205th Street & 189 East 205th Street in the Bronx. The property has a total square footage of 98,101 and consists of 152 units. The loan was provided by Valley National Bank for a total amount of $32,715,021. The loan type for this transaction is construction.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $32,715,021
- Loan Type: Construction
- Market: Bronx
- Square Footage: 98,101
- Units: 152
HKS Real Estate Advisors represented the buyer in this transaction as the broker.
Players
Market 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
0.48%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93