Updated Nov 17, 2023
Northeast Community Bank Provides $6.88M Construction Loan For 28-Unit Multifamily In Melrose, Bronx
368 East 152nd Street, The Bronx, New York 10455, United States
$6,880,000
Units
28
Asset Type
MultiFamily
Closing
Nov 21, 2022
About this deal
AI
The property involved in this closed transaction is a Multifamily asset located at 368 East 152nd Street in the Melrose neighborhood of Bronx. The property consists of 28 units.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $6,880,000
- Address: 368 East 152nd Street
- Market: Melrose, Bronx
The lender for this transaction is NorthEast Community Bank, providing a construction loan. The landlords involved in the deal are Joel Biner and Armin Miller.
The multifamily loan at 368 East 152nd Street, The Bronx, New York 10455, United States in Bronx, New York financed for $6.9M in 2022. Reported inventory is 28 units across 28 units. This page is the Bronx, New York file for the 368 East 152nd Street, The Bronx, New York 10455, United States multifamily financed: pricing, party profiles, and other closed multifamily comps from the same Bronx sit in the Market section below. Filter that Bronx multifamily set by closing date to see what else financed near 368 East 152nd Street, The Bronx, New York 10455, United States around 2022. Published consideration for 368 East 152nd Street, The Bronx, New York 10455, United States is $6.9M, dated 2022. Cite this Northeast Community Bank Provides $6.88M Construction Loan For 28-Unit Multifamily In Melrose, Bronx loan when underwriting similar multifamily product around Bronx, New York.
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Bronx MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.31%
Cash-on-Cash
-0.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93