Updated Oct 29, 2024
Morgan Stanley Provides $50.4M Loan For Multifamily Portfolio In Bronx
2 Minerva Pl, The Bronx, NY 10468, USA
$50,400,000
Units
366
Asset Type
MultiFamily
Closing
Nov 4, 2019
About this deal
AI
A multifamily property located at 2 Minerva Place, 901 Walton Avenue, 984 Sheridan Avenue, 1460 Macombs Road, and 4040 Bronx Boulevard in Jerome Park, Concourse, Highbridge, and Wakefield, Bronx, was recently involved in a closed transaction. The property consists of 366 units and was financed by Morgan Stanley.
Summary of transaction details
- Property Type: Multifamily
- Loan Amount: $50,400,000
- Loan Terms: 10-year loan featuring a fixed interest rate of 3.78% and ten years of interest only payments
- Lender: Morgan Stanley
Morgan Stanley provided a 10-year loan of $50,400,000 for the multifamily property. The loan features a fixed interest rate of 3.78% and ten years of interest-only payments. This transaction involved a total of 366 units across the properties located at 2 Minerva Place, 901 Walton Avenue, 984 Sheridan Avenue, 1460 Macombs Road, and 4040 Bronx Boulevard in the Jerome Park, Concourse, Highbridge, and Wakefield neighborhoods of the Bronx.
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
0.31%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93