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Ignacio Castillo Refinances Bronx Multifamily Properties For $11 Million With TruStage Financial Group
FINANCED
$11,000,000
New York
See Similar DealsMultiFamily224,104 SF
Financed 06/25/2025
FINANCED
Ignacio Castillo Refinances Bronx Multifamily Properties For $11 Million With TruStage Financial Group
2254 Cedar Avenue & 2269 Hampden Place
See Similar DealsMultiFamily224,104 SF
Financed 06/25/2025
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$49
Total Square Footage:224,104 SF
Transaction Type:Loan
Two multifamily properties located at 2254 Cedar Avenue and 2269 Hampden Place in University Heights, Bronx, encompassing a total square footage of 112,052, were involved in the loan transaction. The total number of rental units across both properties is 113.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $11,000,000
- Lender: Terrance Williams - TruStage Financial Group
- Landlord: Ignacio Castillo
- Loan Type: Refinance
- Previous Loan Amount: $12,000,000 from Flagstar Bank
Ignacio Castillo has successfully refinanced the properties with TruStage Financial Group, representing a strategic financial move within the Bronx real estate market. The transaction reflects the ongoing developments and refinancing opportunities sought by property owners in the area.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$11,000,000.00
Monthly NOI$73,333.33
Monthly Debt Service$69,527.48
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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