PCSB Bank Provides $5.4M Loan For Multifamily Property On Summit Avenue, Highbridge, Bronx
FINANCED
$5,400,000
New York
See Similar DealsMultiFamily215,000 SF
Financed 02/18/2020
FINANCED
PCSB Bank Provides $5.4M Loan For Multifamily Property On Summit Avenue, Highbridge, Bronx
931 Summit Ave, The Bronx, NY 10452, USA
See Similar DealsMultiFamily215,000 SF
Financed 02/18/2020
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$25
Total Square Footage:215,000 SF
Transaction Type:Loan
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.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$5,400,000.00
Monthly NOI$36,000.00
Monthly Debt Service$34,131.67
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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