Webster Bank Provides $50M Construction Loan For Multifamily Development 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 Multifamily Development In Newburgh, NY
5417 Route 9w, Newburgh, New York 12550, United States
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
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.
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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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