Updated Sep 11, 2026
Customers Bank Provides $64M Construction Loan For 200-Unit Multifamily In Concourse Village, Bronx
586 Gerard Avenue
$64,000,000
$290/SF
Building Size
220,000 SF
Asset Type
MultiFamily
Closing
Sep 28, 2023
About this deal
AI
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.
On the Map
$64,000,000
$290/SF
MultiFamily
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93