Dino Tomassetti Acquires Multifamily Property In Bronx With $14.5M Construction Loan
FINANCED
$14,525,000
New York
See Similar DealsMultiFamily6,448 SF
Financed 02/05/2021
FINANCED
Dino Tomassetti Acquires Multifamily Property In Bronx With $14.5M Construction Loan
3160 Villa Avenue, The Bronx, NY, USA
See Similar DealsMultiFamily6,448 SF
Financed 02/05/2021
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$2,252
Total Square Footage:6,448 SF
Transaction Type:Loan
An investor has secured a construction loan for a multifamily property located at 3160-3166 Villa Avenue in the Bronx. The property consists of 66 units and is owned by Dino Tomassetti from Asset Realty & Construction Group.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $14,525,000
- Address: 3160-3166 Villa Avenue
- Market: Bronx
- Lender: Investors Bank
- Landlord: Dino Tomassetti - Asset Realty & Construction Group
- Broker: Kathy Anderson - Progress Capital
The loan, provided by Investors Bank, is a construction loan with a 24-month interest-only period. The loan offers the option for permanent conversion for the multifamily property.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$14,525,000.00
Monthly NOI$96,833.33
Monthly Debt Service$91,807.88
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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