Updated Mar 11, 2025
Spaxel Secures $51M Construction Loan From CIT Bank For 3 Bronx NY Projects
2252 Aqueduct Avenue
$51,000,000
$340/SF
Building Size
150,000 SF
Asset Type
MultiFamily
Closing
Apr 21, 2023
About this deal
AI
Spaxel, in partnership with CBREI, has secured a construction loan with CIT Bank for three construction projects in the Bronx, New York. The properties involved in this transaction are located at 2252 Aqueduct Ave, 1751 Monroe Ave, and 2702 Creston Ave. These multifamily assets boast a total square footage of 150,000 and consist of 180 units.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $51,000,000
- Loan Type: Construction
The lender in this deal is CIT Bank, providing a construction loan for the three Bronx projects. Playing a crucial role as the landlord, Spaxel joined forces with CBREI to secure this financing. Aaron Appel, representing Walker & Dunlop, served as the broker in this transaction.
With the loan amount of $51,000,000, Spaxel and CBREI were able to move forward with their construction plans in the Bronx. CIT Bank's support enables the development of these multi-unit properties, contributing to the growth and expansion of New York City's housing market.
On the Map
$51,000,000
$340/SF
MultiFamily
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Market 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
0.31%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93