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626 Bergen Avenue

Updated May 12, 2025

David Kramer Of Hudson Companies & BRP Companies Secures $343 Million Loan For Bronx Multifamily Project
FINANCEDMultiFamily

David Kramer Of Hudson Companies & BRP Companies Secures $343 Million Loan For Bronx Multifamily Project

626 Bergen Avenue

$343,000,000

Building Size

—

Asset Type

MultiFamily

Closing

Apr 29, 2025

About this deal

AI

The asset involved in this transaction is a multi-family property located at 626 Bergen Avenue in the Bronx. It represents a significant financing initiative with a loan amount of $343,000,000 dedicated to Phase II of the La Central project, which consists of five buildings aimed at providing affordable housing. This phase will add 420 affordable units to the market, including 63 apartments specifically designated for supportive housing.

Summary of transaction details:

  • Property Type: MultiFamily
  • Transaction Amount: $343,000,000
  • Lender: J.P. Morgan Chase
  • Landlord: David Kramer - Hudson Companies & BRP Companies
  • Location: 626 Bergen Avenue, Bronx
  • Market: Bronx
  • Number of Affordable Units: 420
  • Supportive Housing Apartments: 63

The deal involves key representatives, including David Kramer from Hudson Companies and BRP Companies, who secured the financing necessary for the project. As part of this initiative, J.P. Morgan Chase serves as the lender, facilitating the funding required to enhance affordable housing in the Bronx, thereby supporting community development initiatives.

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$343,000,000

MultiFamily

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Players

J.P. Morgan Chase
J.P. Morgan ChaseLender
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Bronx MultiFamily Market Snapshot

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.05%

Cash-on-Cash

-0.01%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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