Webster Bank Provides $50M Construction Loan For 203-Unit Multifamily Property In Newburgh, NY
FINANCED
$50,000,000
New York
See Similar DealsMultiFamily246,010 SF
Financed 10/28/2022
FINANCED
Webster Bank Provides $50M Construction Loan For 203-Unit Multifamily Property In Newburgh, NY
5417 Route 9w
See Similar DealsMultiFamily246,010 SF
Financed 10/28/2022
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$203
Total Square Footage:246,010 SF
Transaction Type:Loan
The multifamily property located at 5417 Rte 9W in Newburgh, NY has recently undergone a closed transaction. With a total square footage of 246,010 and 203 units, this property offers ample space and multiple residential units for tenants. The transaction involved a loan for the property's construction.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $50,000,000
- Address: 5417 Rte 9W, Newburgh, NY
- Market: Newburgh, NY
- Lender: Webster Bank
- Landlord: Farrell Communities
- Broker: Michael Stepniewski - Walker & Dunlop
- Loan Type: Construction
The key individuals and companies involved in this deal are worth mentioning. The lender for the transaction was Webster Bank, while Farrell Communities acted as the landlord. Representing the transaction was Michael Stepniewski from Walker & Dunlop, who played a crucial role as the broker. Their expertise and assistance contributed to the successful closing of this transaction.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$50,000,000.00
Monthly NOI$333,333.33
Monthly Debt Service$316,034.01
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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