Updated Oct 16, 2026
Nikul Patel Secures $15.5 Million Refinance Loan For 66-Unit Building In Mott Haven
477 Gerard Avenue
$15,500,000
$243/SF
Building Size
63,785 SF
Asset Type
MultiFamily
Closing
Sep 25, 2026
About this deal
AI
The asset involved in this transaction is a multi-family residential building located at 477 Gerard Avenue in Mott Haven, Bronx. The property consists of 66 units and has a total square footage of 63,785. The transaction involves a refinancing loan secured for the amount of $15,500,000.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $15,500,000
- Address: 477 Gerard Avenue
- Market: Mott Haven, Bronx
- Lender: Metropolitan Commercial Bank
- Landlord: Nikul Patel
- Loan Type: Refinance
Nikul Patel, representing New Jai Ganesh Realty LLC, played a key role in securing the refinancing loan from Metropolitan Commercial Bank, facilitating the financial restructuring of the 66-unit residential building at 477 Gerard Avenue.
On the Map
$15,500,000
$243/SF
MultiFamily
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Coltons Point 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
1.02%
Cash-on-Cash
-0.29%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93