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Flushing Bank Loans $26.25M For Bronx Affordable Housing Acquisition

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FINANCED
$26,250,000

New York

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Financed 01/14/2022
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Property Image
FINANCED

Flushing Bank Loans $26.25M For Bronx Affordable Housing Acquisition

719 Prospect Avenue, The Bronx, New York 10455, United States

See Similar Deals
Other
Financed 01/14/2022
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Summary

NEW YORK
Asset Type:Other
Transaction Type:Loan

Flushing Bank, represented by Albert Bozzolo, has provided a $26,250,000 loan for the acquisition of several affordable housing properties in the Bronx. The properties include 719 & 963 Prospect Avenue, 2287 University Avenue, 2323 Davidson Avenue, 1848 Anthony Avenue, 110 East 182 Street, 1105, 1214, 1216 & 1218 Hoe Avenue, 1071 West Farms Road, 757-759 Dawson Street, and 1070 & 1072 Fox Street.

Summary of transaction details:

The loan provided by Flushing Bank, with Albert Bozzolo as the representative, will support the acquisition of these affordable housing properties. The landlord, David Somerstein, facilitated the transaction, while the Meridian Capital Group, represented by Isaac Filler, Yossi Koschitzki, and Elliot Levy, served as the brokers involved in the deal.

Players

Isaac Filler
77 deals$1.7B volume
BROKER

Yossi Koschitzki
Filler Capital
63 deals$1.3B volume
BROKER

Elliot Levy
Meridian Capital Group
15 deals$431.1M volume
BROKER

Flushing Bank
LENDER

Details

FINANCED
IMAGE: Albert Bozzolo, Yossi Koschitzki, Isaac Filler & Elliot Levy DATE: 01/14/2022 ADDRESS: 719 & 963 Prospect Avenue, 2287 University Avenue, 2323 Davidson Avenue, 1848 Anthony Avenue, 110 East 182 Street, 1105, 1214, 1216 & 1218 Hoe Avenue 1071 West Farms Road, 757-759 Dawson Street, 1070 & 1072 Fox Street MARKET: Bronx ASSET TYPE: Affordable Housing LENDER: Flushing Bank - Albert Bozzolo LANDLORD: David Somerstein BROKERS: Isaac Filler, Yossi Koschitzki & Elliot Levy - Meridian Capital Group LOAN AMOUNT: $26,250,000 LOAN TYPE: Acquisition

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$26,250,000.00

Monthly NOI$175,000.00
Monthly Debt Service$165,917.86
Change in Cash Flow$0.00
Refinance Proceeds$0.00