Meridian Capital Group Secures $8M Refinance Loan For Multifamily Property
FINANCED
$8,000,000
New York
See Similar DealsMultiFamily15,700 SF
Financed 04/12/2024
FINANCED
Meridian Capital Group Secures $8M Refinance Loan For Multifamily Property
219 East 203rd Street
See Similar DealsMultiFamily15,700 SF
Financed 04/12/2024
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$509
Total Square Footage:15,700 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$8,000,000.00
Monthly NOI$53,333.33
Monthly Debt Service$50,565.44
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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