Updated Mar 11, 2025
Pacific Life Insurance Company Provides $94M Construction Loan For Multifamily In New Rochelle
247 North Ave New Rochelle, NY 10801, USA
$94,000,000
Units
307
Asset Type
MultiFamily
Closing
Aug 9, 2023
About this deal
AI
The Multifamily property located at 247 North Avenue in New Rochelle has undergone a significant transaction. The property consists of 307 units, making it a substantial asset in the market.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $94,000,000
- Address: 247 North Avenue, New Rochelle
- Market: New Rochelle
In this deal, Pacific Life Insurance Company acted as the lender, providing a construction loan for the property. The loan amount was $94,000,000, enabling the development or renovation of the multifamily asset.
The property is owned by LCOR, represented by Anthony Barsanti and Anthony Tortora. The brokers handling the transaction were Robert Tonnessen and Steven Klein from JLL.
On the Map
$94,000,000
MultiFamily
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Players
Jacksonville 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
0.17%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93