Updated Oct 29, 2024
Abro Management Secures $7M Refinancing Loan For Multifamily Building In Bronx
831 Gerard Avenue Bronx, New York 10451, USA
$7,000,000
$65/SF
Building Size
107,250 SF
Asset Type
MultiFamily
Closing
May 16, 2023
About this deal
AI
Abro Management secured a $7 million refinancing loan from Northfield Bank for a 100-unit residential elevator building located at 831 Gerard Avenue in Concourse, Bronx. The property encompasses 107,250 square feet of built space. The transaction closed on May 16, 2023.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $7,000,000
- Property Address: 831 Gerard Avenue
- Market: Concourse, Bronx
- Lender: Northfield Bank - William G. Krejci
- Landlord: Abro Management - Richard Scharf
- Loan Type: Refinance
The loan was provided by Northfield Bank, with William G. Krejci representing the bank. Abro Management, led by Richard Scharf, acted as the landlord in the transaction.
On the Map
$7,000,000
$65/SF
MultiFamily
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.27%
Cash-on-Cash
-0.65%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93