Updated Sep 29, 2026
Joe Wenk Of Metropolitan Commercial Bank Provides $50,000,000 Construction Loan For Multifamily Asset
$50,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Sep 17, 2026
About this deal
AI
The asset involved in this transaction is a multifamily property located in the Long Island - North Shore market. A construction loan has been secured for this property amounting to $50,000,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $50,000,000
- Lender: Joe Wenk - Metropolitan Commercial Bank
- Loan Type: Construction
- Date: 09/17/2026
The transaction is facilitated by Joe Wenk, who represents Metropolitan Commercial Bank as the lender for this construction loan. This deal highlights the ongoing development opportunities in the North Shore area of Long Island.
Market MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.32%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93