Israel Mermelstein & James Darling Secure $9.4M Construction Loan In Concourse, Bronx

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.