Updated Oct 29, 2024
PCSB Bank Provides $5.4M Loan For Multifamily Property On Summit Avenue, Highbridge, Bronx
931 Summit Ave, The Bronx, NY 10452, USA
$5,400,000
$25/SF
Building Size
215,000 SF
Asset Type
MultiFamily
Closing
Feb 17, 2020
About this deal
AI
An apartment complex located at 931-937 Summit Avenue in the Highbridge neighborhood of the Bronx has been sold. The property, measuring 21,500 square feet, consists of a multifamily building with a total of 32 units.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $5,400,000
- Address: 931-937 Summit Avenue, Highbridge, Bronx
- Market: Highbridge, Bronx
The lender for this transaction was PCSB Bank, specifically Putnam County Savings Bank. Global Heights Apartments Inc., represented by Wajeeha Naseem, acted as the landlord. The deal was facilitated by broker Michael Volpe from Highcap Group.
The loan provided for this transaction amounted to $5,400,000. The loan terms include a 7-year fixed term with a 30-year amortization schedule.
On the Map
$5,400,000
$25/SF
MultiFamily
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.94%
Cash-on-Cash
-0.84%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93