facebook
TradedTraded
    Home
    Search
    Closings
    Listings
    On Market
    Off Market
    Add a listing
    Vaults
    shh
    Rankings
    News
    Data
    Socials
    More


Messages

Go Pro
+ Submit+ Submit a Deal
Home

/

Deals

/

New York

/

Multifamily

/

Loan

/

65 Buchanan Pl, The Bronx, ...

BCN Development Acquires Multifamily Property In Bronx For $8M With Lender Piermont Bank - Robert Rynarzewski & Andrew Gladstone
FINANCEDMultiFamily

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

$8,000,000

$379/SF

Building Size

21,061 SF

Asset Type

MultiFamily

Closing

Apr 28, 2020

AI

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 HorowitzCooper 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

Justin Horowitz

Brookfield Properties

Broker

$2.3B

vol

33 deals

Broker
Piermont Bank
Piermont BankLender

Craig Nassi

BCN Development

Landlord

$68M

vol

5 deals

Landlord

New York MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Loan transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.98%

Cash-on-Cash

-0.57%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93