Updated Aug 27, 2026
Stellar Management Secures $72 Million Refinance Loan From Truist Bank For 197-unit Bronx Property
580 Gerard Avenue
$72,000,000
Units
197
Asset Type
MultiFamily
Closing
Aug 17, 2026
About this deal
AI
A multi-family residential building located at 580 Gerard Avenue in the Concourse neighborhood of the Bronx comprises 197 units. The asset has been refinanced with a new loan amount of $72 million, aimed at replacing an existing debt of $64 million.
Summary of transaction details:
- Property Type: Multi-Family
- Transaction Amount: $72,000,000
- Address: 580 Gerard Avenue
- Market: Concourse, Bronx
- Lender: Truist Bank
- Landlord: Matthew Lembo & Ryan Jackson - Stellar Management
- Loan Type: Refinance
The refinancing transaction was executed by Stellar Management, represented by Matthew Lembo and Ryan Jackson, enabling the replacement of debt with a new loan from Truist Bank.
Players
Coltons Point 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
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93