Updated Mar 11, 2025
MF1 Capital Provides $32M Bridge Loan For Multifamily Property In New Rochelle
20 Burling Ln, New Rochelle, NY 10801, USA
$32,000,000
$246/SF
Building Size
130,000 SF
Asset Type
MultiFamily
Closing
Oct 6, 2020
About this deal
AI
The recent closed property transaction in New Rochelle involved a multifamily asset located at 20 Burling Lane. The property, whose image was shared by Phil Bowman and Emil DePasquale, was the subject of a loan deal.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $32,000,000
- Market: New Rochelle
- Lender: MF1 Capital
- Brokers: Bryan Manz, Emil DePasquale, and Phil Bowman - @BlackBearCapitalPartners
The loan amount for this transaction was $32,000,000, which was secured through a two-year bridge loan provided by MF1 Capital. The loan will be utilized to retire approximately $25 million of debt and provide additional funds for the property.
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
0.50%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93