Updated Mar 11, 2025
Private Money Lenders LLC Provides $3.52M Construction Loan For Multifamily Property On Mapes Ave. In Bronx
2046 Mapes Avenue, Bronx, NY 10460, USA
$3,520,500
$722/SF
Building Size
4,875 SF
Asset Type
MultiFamily
Closing
Oct 15, 2021
About this deal
AI
A construction loan has been closed for a multifamily property located at 2046 Mapes Ave. in the Bronx. The property consists of 19 units with a total square footage of 4,875. The borrower and their team worked with Private Money Lenders LLC, represented by Payam Pedram, to secure a loan amount of $3,520,500. The loan was closed in just 4 business days, showcasing an efficient process for the borrower.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $3,520,500
- Square Footage: 4,875
- Units: 19
- Address: 2046 Mapes Ave.
- Market: Bronx
The borrower and their team collaborated closely with Payam Pedram of Private Money Lenders LLC to successfully close this construction loan. The efficient process led to the loan being finalized in just 4 business days, demonstrating a strong partnership between the borrower and their lender.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
4.51%
Cash-on-Cash
-1.29%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93