Pacific Life Insurance Company Provides $94M Construction Loan For Multifamily In New Rochelle
FINANCED
$94,000,000
New York
See Similar DealsMultiFamily
Financed 08/09/2023
FINANCED
Pacific Life Insurance Company Provides $94M Construction Loan For Multifamily In New Rochelle
247 North Ave New Rochelle, NY 10801, USA
See Similar DealsMultiFamily
Financed 08/09/2023
Summary
NEW YORK
Asset Type:MultiFamily
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$94,000,000.00
Monthly NOI$626,666.67
Monthly Debt Service$594,143.94
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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