Customers Bank Provides $64M Construction Loan For 200-Unit Multifamily In Concourse Village, Bronx | 586 Gerard Avenue | Customers Bank | MultiFamily | Loan

Summary

Loan

NEW YORK

MultiFamily

220,000 sqft

The property involved in this transaction is located at 586 Gerard Avenue in Concourse Village, Bronx. It is a multifamily asset with a total square footage of 220,000 and consists of 200 units. The property is owned by Sharone Karten of The Karten Organization and Laurence Gluck of Stellar Management.

Summary of transaction details

Property Type: Multifamily
Transaction Amount: $64,000,000
Lender: Customers Bank
Loan Type: Construction
Landlord: Sharone Karten - The Karten Organization & Laurence Gluck - Stellar Management

Customers Bank provided a loan amount of $64,000,000 for this transaction. The loan type is specified as construction, indicating that the funds will be utilized for construction purposes for the property located at 586 Gerard Avenue. This loan will support the development and improvement of the multifamily asset owned by Sharone Karten and Laurence Gluck.

Players

All
1

Lenders
1

Customers Bank

Details

Deal Summary

FINANCED

IMAGE: Sharone Karten & Laurence Gluck DATE: 09/28/2023 ADDRESS: 586 Gerard Avenue MARKET: Concourse Village, Bronx ASSET TYPE: Multifamily ~ SF: 220,000 ~ UNITS: 200 LENDER: Customers Bank (@CustomersBank) LANDLORD: Sharone Karten - The Karten Organization & Laurence Gluck - Stellar Management (@StellarManagement) LOAN AMOUNT: $64,000,000 LOAN TYPE: Construction

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Address586 Gerard Avenue

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