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

Property Image
FINANCED
$6,565,000
Noah Schulman
Bryan Geffen

New York

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MultiFamily13,300 SF
Financed 01/26/2024
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Property Image
FINANCED

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

MultiFamily13,300 SF
Financed 01/26/2024
Noah Schulman
Bryan Geffen
the dealplayerscompscontact
Contact now

Summary

Asset Type:MultiFamily
Price Per Square Foot:$493
Total Square Footage:13,300 SF
Transaction Type:Loan

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.

Players

Bryan Geffen
Meridian Capital Group
Bryan Geffen
20 deals$184.2M volume
BROKER
Noah Schulman
Meridian Capital Group
Noah Schulman
8 deals$49.1M volume
BROKER

Details

FINANCED
IMAGE: Bryan Geffen & Noah Schulman DATE: 01/26/2024 ADDRESS: 3002 Perry Street MARKET: Jerome Park, The Bronx ASSET TYPE: Multifamily ~ SF: 13,300 LENDER: Credit Union BROKERS: Bryan Geffen (@BGeff) & Noah Schulman - Meridian Capital Group (@Meridian.Capital.Group) LOAN AMOUNT: $6,565,000 LOAN TYPE: Refinance LOAN TERMS: 5 Years, 30 Years Amortization, 1 Year Interest Only, 0 Pre Payment Penalty NOTE FROM BROKER: The above deal was a construction take out/full cash out. The entire building is comprised of CityFHEPS tenants, the lender was able to underwrite the actual rents.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$6,565,000.00

Monthly NOI$43,766.67
Monthly Debt Service$41,495.27
Change in Cash Flow$0.00
Refinance Proceeds$0.00