FINANCED
Nihad Choudhury Secures $12.5M CMBS Refinance Loan For Mount Hope Multifamily
Nihad Choudhury Secures $12.5M CMBS Refinance Loan For Mount Hope Multifamily
MultiFamily
21,189 SF
21,189 SF
Financed 156 days ago
Summary
Loan
NEW YORK
MultiFamily
21,189 sqft
Located in Mount Hope, The Bronx, this multifamily property encompasses a total of 21,189 square feet, featuring 44 units. The property is part of a closed transaction that took place on 10/27/2023.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $12,500,000
- Market: Mount Hope, The Bronx
- Square Footage: 21,189
- Number of Units: 44
The lender responsible for financing this deal is Nihad Choudhury from LMF Commercial. Representing the borrower, Jake Gluck from Fortune Capital Group acted as the broker.
The loan, valued at $12,500,000, was obtained for the purpose of refinancing. The loan terms include a CMBS loan structure, with a unique aspect being the incorporation of the FHEPS Deal, which is one of the first in CMBS. The loan was closed within 30 days, with a loan-to-value (LTV) ratio of 62.0%. Other terms of the loan include a 5-year full interest-only (IO) period, a 1.24x IO debt service coverage ratio (DSCR), and the ability to cash out in full.
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3
Agents
1
Agencies
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Lenders
1
Details
FINANCED
IMAGE: Nihad Choudhury & Jake Gluck
DATE: 10/27/2023
MARKET: Mount Hope, The Bronx
ASSET TYPE: Multifamily ~ SF: 21,189 ~ UNITS: 44
LENDER: Nihad Choudhury (@NihadChy) - LMF Commercial
BROKER: Jake Gluck (@LuckyJack87) - Fortune Capital Group (@Fortune_Capital_Group)
LOAN AMOUNT: $12,500,000
LOAN TYPE: Refinance
LOAN TERMS: CMBS; FHEPS Deal (one of the first in CMBS), 30 day close, 62.0% LTV, 5 year Full IO, 1.24x IO DSCR, Full cash outView on map
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AddressNihad Choudhury Secures $12.5M CMBS Refinance Loan For Mount Hope Multifamily
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