Cornerstone Capital Secures $14.1M Non-Recourse Construction Loan For Bronx Multifamily

A 24-month construction loan has been secured on a multifamily property in the Bronx. The property, located at 1737 Grand Ave., has a total square footage of 43,600 and consists of 59 units. The loan amount for this project is $14,100,000.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $14,100,000
• Address: 1737 Grand Ave.
• Market: Bronx
• Loan Type: Construction
• Loan Terms: 24 Month Construction Loan at 75 LTC
• Units: 59

Yakov Orkin is the landlord of this multifamily property. The brokers involved in the transaction are Russell Nova, Alexander Nemirovskiy, and John Rivera from Cornerstone Capital of NY. They successfully negotiated a non-recourse construction loan for their developer clients, thanks to their strong relationship with the lender. Cornerstone Capital of NY has been active in providing financing for various development deals, including commercial, multifamily, hotels, industrial, warehouse, retail, and strip centers across different states.

For more information, you can contact the involved parties:

• Russell Nova - Principal - 917 559 1820, [email protected]
• Alexander Nemirovskiy - Senior Credit Manager - 347 751 5232, [email protected]
• John Rivera - Relationship Manager - 917 615 8943, [email protected]