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Abro Management Secures $7M Refinancing Loan For Multifamily Building In Bronx
FINANCED
$7,000,000
New York
See Similar DealsMultiFamily107,250 SF
Financed 05/16/2023
FINANCED
Abro Management Secures $7M Refinancing Loan For Multifamily Building In Bronx
831 Gerard Avenue Bronx, New York 10451, USA
See Similar DealsMultiFamily107,250 SF
Financed 05/16/2023
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$65
Total Square Footage:107,250 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$7,000,000.00
Monthly NOI$46,666.67
Monthly Debt Service$44,244.76
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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