Meridian Capital Group Secures $8M Refinance Loan For Multifamily Property
219 East 203rd Street
$8,000,000
$509/SF
Building Size
15,700 SF
Asset Type
MultiFamily
Closing
Apr 12, 2024
AI
The property at 219 East 203rd Street in Bedford Park, Bronx, is a multifamily asset spanning 15,700 square feet. The loan to refinance this property was provided by the Life Insurance Company, with Bryan Geffen & Noah Schulman from Meridian Capital Group acting as brokers. The loan amount was $8,000,000, with a fixed rate of 6.270% for 5 years and a 30-year amortization period.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $8,000,000
- Market: Bedford Park, Bronx
- Lender: Life Insurance Company
- Brokers: Bryan Geffen & Noah Schulman - Meridian Capital Group
- Loan Type: Refinance
- Loan Terms: 5 Years, 6.270% Fixed rate, 30 years amortization
This loan was a construction take loan and a full cash out on a new building. The building consists entirely of City FHEPS tenants, and the loan transaction was successfully closed within 40 days.
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
1.98%
Cash-on-Cash
-0.57%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93