Israel Mermelstein & James Darling Secure $9.4M Construction Loan In Concourse, Bronx
FINANCED
$9,400,000
New York
See Similar DealsMultiFamily25,438 SF
Financed 02/27/2024
FINANCED
Israel Mermelstein & James Darling Secure $9.4M Construction Loan In Concourse, Bronx
947 College Avenue
See Similar DealsMultiFamily25,438 SF
Financed 02/27/2024
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$369
Total Square Footage:25,438 SF
Transaction Type:Loan
The multifamily property located at 947 College Avenue in Concourse, Bronx, spans 25,438 square feet and comprises 34 units. The property was involved in a closed transaction where a construction loan of $9,400,000 was secured. The loan terms were set at 70% Loan-to-Cost (LTC) with a 24-month floating period and an 8.00% floor rate.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $9,400,000
- Address: 947 College Avenue
- Market: Concourse, Bronx
- Square Footage: 25,438
- Units: 34
- Loan Type: Construction
- Loan Terms: 70% LTC, 24-months floating, 8.00% floor rate
Israel Mermelstein and James Darling from Meridian Capital Group acted as the brokers in facilitating the deal, representing the parties involved in the transaction. They played a crucial role in securing the construction loan for the multifamily property at 947 College Avenue in Concourse, Bronx.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$9,400,000.00
Monthly NOI$62,666.67
Monthly Debt Service$59,414.39
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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