Updated May 12, 2025
Scott Jaffee Of Metropolitan Realty Group Secures $89.9M Fannie Mae Loan For Cromwell Towers Apartments
77 Locust Hill Avenue
$89,900,000
Units
317
Asset Type
MultiFamily
Closing
Feb 25, 2025
About this deal
AI
The asset involved in this transaction is Cromwell Towers Apartments, a multifamily property consisting of 317 units located at 77 Locust Hill Avenue in Yonkers. The market for this asset is Yonkers, and the property has secured a loan amount of $89,900,000 for refinancing purposes.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $89,900,000
- Lender: Fannie Mae
- Landlord: Scott Jaffee - Metropolitan Realty Group
- Broker: Eric Rosenstock - Greystone
- Loan Type: Refinance
Scott Jaffee represents Metropolitan Realty Group in this transaction, securing the loan through broker Eric Rosenstock from Greystone, facilitating the refinance of the complex aimed at maintaining affordable housing in the area.
On the Map
$89,900,000
MultiFamily
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Players
Yonkers MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93