Updated Oct 28, 2024
Heritage Affordable Communities Acquires Multifamily Properties In Yonkers & Bronx For $17.6M
34 Highland Avenue, Yonkers, NY, USA
$17,573,000
Units
88
Asset Type
MultiFamily
Closing
Oct 1, 2021
About this deal
AI
Heritage Affordable Communities has acquired a multifamily property located at 34 Highland Avenue in Yonkers and 2120 Hughes Avenue in Bronx. The property consists of 88 units and was sold for an undisclosed amount.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: Undisclosed
- Address: 34 Highland Avenue & 2120 Hughes Avenue
- Market: Yonkers & Bronx
- Units: 88
Heritage Affordable Communities, represented by Alex Hajibay, acted as the buyer in this acquisition. The financing for the deal was provided by greystone''>Greystone, with Dan Sacks and Ilan Bassali representing the lender. The loan amount was $17,573,000 and it was a 12-year term acquisition loan provided by Fannie Mae.
Players
City of Yonkers 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
0.90%
Cash-on-Cash
-0.26%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93