Larry Davis Of Shorewood Real Estate Group Secures $20M Loan For Bronx Multifamily Acquisition
FINANCED
$20,000,000
New York
See Similar DealsMultiFamily317,000 SF
Financed 12/12/2024
FINANCED
Larry Davis Of Shorewood Real Estate Group Secures $20M Loan For Bronx Multifamily Acquisition
350 Grand Concourse
See Similar DealsMultiFamily317,000 SF
Financed 12/12/2024
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$63
Total Square Footage:317,000 SF
Transaction Type:Loan
The asset involved in the context is a multifamily property located at 350 Grand Concourse in the Bronx market. The property encompasses 317,000 square feet and includes a total of 307 units. The loan amount for the acquisition of this property is $20,000,000, backed by Cerco Funding.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $20,000,000
- Address: 350 Grand Concourse
- Market: Bronx
- Square Footage: 317,000
- Units: 307
- Lender: Cerco Funding
- Landlord: Larry Davis - Shorewood Real Estate Group
- Broker: Daniel Fromm - Newmark
Key individuals in this transaction include Larry Davis, representing Shorewood Real Estate Group as the landlord, and Daniel Fromm from Newmark acting as the broker. Their roles were pivotal in facilitating the acquisition loan process with the lender Cerco Funding.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$20,000,000.00
Monthly NOI$133,333.33
Monthly Debt Service$126,413.60
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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