Webster Bank Provides $50M Construction Loan For Multifamily Development In Newburgh, NY
5417 Route 9w, Newburgh, New York 12550, United States
$50,000,000
$203/SF
Building Size
246,010 SF
Asset Type
MultiFamily
Closing
Oct 27, 2022
AI
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
Newburgh 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
0.32%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93