Webster Bank Provides $50M Construction Loan For Multifamily Development In Newburgh, NY | 5417 Route 9W | Michael Stepniewski | MultiFamily | Loan

Summary

Loan

NEW YORK

MultiFamily

246,010 sqft

Located at 5417 Rte 9W in Newburgh, NY, this multifamily property spans an impressive 246,010 square feet, accommodating a total of 203 units. The property is owned by Farrell Communities and was the subject of a closed transaction.

Summary of Transaction Details

Property Type: Multifamily
Transaction Amount: $50,000,000
Loan Type: Construction

Webster Bank provided a loan of $50,000,000 for the construction of this property. Michael Stepniewski from Walker & Dunlop represented the buyer and seller in this deal. The transaction closed on October 28, 2022.

Players

All
2

Agents
1
Agencies
1

Michael Stepniewski

Senior Director

Walker & Dunlop

Details

Deal Summary

FINANCED

IMAGE: Michael Stepniewski DATE: 10/28/2022 ADDRESS: 5417 Rte 9W MARKET: Newburgh, NY ASSET TYPE: Multifamily ~ SF: 246,010 ~ UNITS: 203 LENDER: Webster Bank (@WebsterBank) LANDLORD: Farrell Communities (@FarrellCommunities) BROKER: Michael Stepniewski (@MikeStepniewski) - Walker & Dunlop (@WalkerDunlop) LOAN AMOUNT: $50,000,000 LOAN TYPE: Construction

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Address5417 Route 9W

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