Private Money Lenders LLC Provides $3.52M Construction Loan For Multifamily Property On Mapes Ave. In Bronx
FINANCED
$3,520,500
New York
See Similar DealsMultiFamily4,875 SF
Financed 10/15/2021
FINANCED
Private Money Lenders LLC Provides $3.52M Construction Loan For Multifamily Property On Mapes Ave. In Bronx
2046 Mapes Avenue, Bronx, NY 10460, USA
See Similar DealsMultiFamily4,875 SF
Financed 10/15/2021
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$722
Total Square Footage:4,875 SF
Transaction Type:Loan
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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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$3,520,500.00
Monthly NOI$23,470.00
Monthly Debt Service$22,251.95
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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