Flushing Bank Loans $26.25M For Bronx Affordable Housing Acquisition
719 Prospect Avenue, The Bronx, New York 10455, United States
$26,250,000
Building Size
—
Asset Type
Other
Closing
Jan 13, 2022
About this deal
AI
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:
- Property Type: Affordable Housing
- Transaction Amount: $26,250,000
- Lender: Flushing Bank - Albert Bozzolo
- Landlord: David Somerstein
- Brokers: Isaac Filler, Yossi Koschitzki & Elliot Levy - Meridian Capital Group
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.
On the Map
$26,250,000
Other
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.60%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93