Updated Oct 28, 2024
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
About this deal
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.
On the Map
$50,000,000
$203/SF
MultiFamily
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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