BCN Development Acquires Multifamily Property In Bronx For $8M With Lender Piermont Bank - Robert Rynarzewski & Andrew Gladstone
FINANCED
$8,000,000
New York
See Similar DealsMultiFamily21,061 SF
Financed 04/29/2020
FINANCED
BCN Development Acquires Multifamily Property In Bronx For $8M With Lender Piermont Bank - Robert Rynarzewski & Andrew Gladstone
65 Buchanan Pl, The Bronx, NY 10453, USA
See Similar DealsMultiFamily21,061 SF
Financed 04/29/2020
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$379
Total Square Footage:21,061 SF
Transaction Type:Loan
The property asset involved is a multifamily development located at 65 Buchanan Place in the Bronx. This newly developed asset consists of 25 units and encompasses a total square footage of 21,061. The transaction involved a loan amount of $8,000,000 provided by Piermont Bank.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $8,000,000
- Address: 65 Buchanan Place
- Market: Bronx
- Asset Size: 21,061 SF
- Units: 25
- Lender: Piermont Bank – Robert Rynarzewski & Andrew Gladstone
- Landlord: BCN Development – Craig Nassi
- Brokers: Justin Horowitz, Richard Horowitz – Cooper Horowitz
Key individuals in this transaction include Robert Rynarzewski and Andrew Gladstone from Piermont Bank who served as lenders, while Craig Nassi represented BCN Development as the landlord. The brokerage team from Cooper Horowitz was represented by Justin Horowitz and Richard Horowitz in this multifamily deal.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$8,000,000.00
Monthly NOI$53,333.33
Monthly Debt Service$50,565.44
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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