Credit Union Provides $6.56M Loan To Refinance Multifamily Property In Jerome Park, The Bronx

The property involved in the transaction is a multifamily building located at 3002 Perry Street in Jerome Park, The Bronx. The building spans a total square footage of 13,300 and is situated in the market of Jerome Park.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $6,565,000
• Loan Type: Refinance
• Loan Terms: 5 Years, 30 Years Amortization, 1 Year Interest Only, 0 Pre Payment Penalty

The loan was provided by Credit Union. The brokers involved in the deal were Bryan Geffen and Noah Schulman from Meridian Capital Group.

This transaction involved a construction take out/full cash out, and the entire building is occupied by CityFHEPS tenants. The lender was able to underwrite the actual rents of the property.