Nationwide Life Insurance Company Provides $55M Refinance Loan For Office Building In Belmont/Little Italy, Bronx
440 East Fordham Road, The Bronx, New York 10458, United States
$55,000,000
$97,690/SF
Building Size
563 SF
Asset Type
Office
Closing
Aug 11, 2022
About this deal
AI
The property involved in this transaction is an office space located at 440 East Fordham Road in the Belmont/Little Italy neighborhood of the Bronx. The property spans a total of 563,549 square feet and is owned by Chase Enterprises, represented by Cheryl A. Chase.
Summary of Transaction Details
- Property Type: Office
- Transaction Amount: $55,000,000
- Address: 440 East Fordham Road, Belmont/Little Italy, Bronx
- Market: Belmont/Little Italy, Bronx
- Lender: Nationwide Life Insurance Company - Michael C. Beidelman
- Landlord: Chase Enterprises - Cheryl A. Chase
- Loan Type: Refinance
Nationwide Life Insurance Company, represented by Michael C. Beidelman, provided a refinancing loan of $55,000,000 for the office property at 440 East Fordham Road. This loan allows Chase Enterprises, the landlord, to address their financial needs and potentially invest further in the property.
Players
Bronx Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.29%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93