Updated Oct 28, 2024
PGIM Provides $40M Refinance Loan For 110-Unit Multifamily Property In New Rochelle, NY
20 Burling Lane, New Rochelle, NY 10801, USA
$40,000,000
Units
110
Asset Type
MultiFamily
Closing
Aug 3, 2020
About this deal
AI
A $40,000,000 loan has been secured for the refinancing of a multifamily property located at 20 Burling Lane in New Rochelle, NY. The property consists of 110 units.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $40,000,000
- Address: 20 Burling Lane, New Rochelle, NY
- Market: New Rochelle, NY
- Asset Type: Multifamily
- Units: 110
The lender for this transaction is PGIM. The loan terms include a 10-year term with a fixed rate of 2.88%. The loan features full term interest only payments.
The brokers involved in the deal are Bryan Manz, Emil DePasquale, and George Pektor.
Players
City of New Rochelle 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
0.40%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93