Updated Oct 28, 2024
ACRES Capital Corp. Provides $31.5M Construction Loan For Multifamily Property On Prospect Street In Yonkers
56 Prospect Street, Yonkers, NY, USA
$31,500,000
$398/SF
Building Size
79,000 SF
Asset Type
MultiFamily
Closing
Sep 6, 2021
About this deal
AI
The multifamily property located at 56 Prospect Street in Yonkers has been involved in a recent loan transaction. The property spans over 1.81 acres and has a square footage of 79,000. The loan, valued at $31,500,000, was obtained for construction purposes and comes with a 30-month term.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $31,500,000
- Address: 56 Prospect Street, Yonkers
- Market: Yonkers
- Loan Type: Construction
- Lender: ACRES Capital Corp. - Mark Fogel
- Landlord: Regency Apartment Ventures LLC - Ben Heitner
- Brokers: Andrew Milbank - Berko & Associates; Marty Reasoner - ACRES Capital Corp.
The loan transaction was facilitated by Mark Fogel from ACRES Capital Corp. Marty Reasoner from ACRES Capital Corp. and Andrew Milbank from Berko & Associates represented the parties involved in the deal. Ben Heitner, representing Regency Apartment Ventures LLC, served as the landlord for this transaction.
On the Map
$31,500,000
$398/SF
MultiFamily
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Players
City of Yonkers 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
0.50%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93