Updated Jul 31, 2025
Ignacio Castillo Refinances Bronx Multifamily Properties For $11 Million With TruStage Financial Group
2254 Cedar Avenue & 2269 Hampden Place
$11,000,000
$49/SF
Building Size
112,052 SF
Asset Type
MultiFamily
Closing
Jun 25, 2025
About this deal
AI
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.
On the Map
$11,000,000
$49/SF
MultiFamily
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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
1.44%
Cash-on-Cash
-0.41%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93