Joel Wieder Secures $42 Million Refinance Loan From First County Bank For 131-Unit Multifamily In Bronx
2047 Ryer Avenue
$42,000,000
$446/SF
Building Size
94,044 SF
Asset Type
MultiFamily
Closing
Feb 20, 2026
AI
The asset involved in this transaction is a multifamily building located at 2047 Ryer Avenue in Fordham Heights, Bronx. The property encompasses a total square footage of 94,044 and consists of 131 units. The transaction was a refinance of $42 million.
Summary of transation details:
- Property Type: Multifamily
- Transaction Amount: $42,000,000
- Address: 2047 Ryer Avenue
- Market: Fordham Heights, Bronx
- Lender: First County Bank
- Landlord: Joel Wieder
- Loan Type: Refinance
- Previous Debt Amount: $34,800,000
- Previous Lender: NorthEast Community Bank
Joel Wieder, through GW Ryer LLC, was integral to this closed transaction, collaborating with First County Bank for the refinancing process on February 20, 2026, focusing on securing favorable loan terms to support the multifamily development.
Players
Bronx 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
0.38%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93