Valley National Bank Provides $135M Construction Loan For Multifamily Property In Dumbo
FINANCED
$135,000,000
New York
See Similar DealsMultiFamily197,000 SF
Financed 10/07/2022
FINANCED
Valley National Bank Provides $135M Construction Loan For Multifamily Property In Dumbo
218 Front Street
See Similar DealsMultiFamily197,000 SF
Financed 10/07/2022
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$685
Total Square Footage:197,000 SF
Transaction Type:Loan
The multifamily property located at 218 Front Street in Dumbo has undergone a recent transaction. Spanning a total of 197,000 square feet, the property consists of 218 units. The deal involved a construction loan with Valley National Bank, facilitated by Jeff Puchin. The loan amount for this transaction is $135,000,000.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $135,000,000
- Address: 218 Front Street
- Market: Dumbo
- Square Footage: 197,000
- Number of Units: 218
In addition to Valley National Bank's involvement as the lender, Cheskel Schwimmer is the landlord of the property. Leah Paskus and Pinchas Vogel from Landstone Capital Group served as the brokers in this transaction.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$135,000,000.00
Monthly NOI$900,000.00
Monthly Debt Service$853,291.83
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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