Build NYC Resource Corporation Provides $43.9M Construction Loan For Washington Heights Garage
528 West 162nd Street, New York City, New York 10032, United States
$43,900,000
$1,474/SF
Building Size
29,776 SF
Asset Type
Other
Closing
Jul 21, 2022
About this deal
AI
A construction loan worth $43,900,000 has been secured for a garage located at 528 West 162nd Street in Washington Heights. The loan was provided by Build NYC Resource Corporation, a lending institution specializing in financing construction projects.
Summary of transaction details
- Property Type: Garage
- Transaction Amount: $43,900,000
- Lender: Build NYC Resource Corporation
This transaction marks a significant milestone for the development of the garage in Washington Heights. The loan obtained from Build NYC Resource Corporation will facilitate the construction process, enabling the completion of the project and the subsequent utilization of the garage facility.
On the Map
$43,900,000
$1,474/SF
Other
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.36%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93