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Customers Bank Provides $64M Construction Loan For 200-Unit Multifamily In Concourse Village, Bronx

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FINANCED
$64,000,000

New York

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MultiFamily220,000 SF
Financed 09/28/2023
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Property Image
FINANCED

Customers Bank Provides $64M Construction Loan For 200-Unit Multifamily In Concourse Village, Bronx

586 Gerard Avenue

See Similar Deals
MultiFamily220,000 SF
Financed 09/28/2023
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$290
Total Square Footage:220,000 SF
Transaction Type:Loan

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

Customers Bank
Customers Bank
LENDER

Details

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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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$64,000,000.00

Monthly NOI$426,666.67
Monthly Debt Service$404,523.54
Change in Cash Flow$0.00
Refinance Proceeds$0.00