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Webster Bank Provides $47.5M Loan For Bronx Multifamily Acquisition

Property Image
FINANCED
$47,500,000
Zachary (Zach) Kraft
Lauren Kaufman
Gideon Gil
+ 1

New York

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Package Deal3,403,294 SF
Financed 04/07/2023
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Property Image
FINANCED

Webster Bank Provides $47.5M Loan For Bronx Multifamily Acquisition

1065 Jerome Avenue, 1197 Grand Concourse, 1534 Selwyn Avenue, 2353-2357 Crotona Avenue, 2608 Creston Avenue, 2543-2567 Decatur Avenue & 1098-1114 Gerard Avenue

See Similar Deals
Package Deal3,403,294 SF
Financed 04/07/2023
Zachary (Zach) Kraft
Lauren Kaufman
Gideon Gil
+ 1
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Package Deal
Price Per Square Foot:$14
Total Square Footage:3,403,294 SF
Transaction Type:Loan

The multifamily property located in the Bronx at 1065 Jerome Avenue, 1098-1114 Gerard Avenue, 1197 Grand Concourse, 1534 Selwyn Avenue, 2353-2357 Crotona Avenue, 2543-2567 Decatur Avenue, and 2608 Creston Avenue has been involved in a closed loan transaction. The loan, amounting to $47,500,000, was provided by Webster Bank for the purpose of acquisition. The property spans a total square footage of 497,824 and is owned by InterVest.

Summary of Transaction Details

  • Property Type: Multifamily
  • Transaction Amount: $47,500,000
  • Loan Type: Acquisition

Cushman & Wakefield represented the parties involved in the transaction, with Gideon Gil, Lauren Kaufman, Zachary Kraft, Sebastian Sanchez, Cecelia Galligan, Eric Roth, and Tyler Signora serving as the brokers. They played a significant role in facilitating the loan agreement between Webster Bank and InterVest.

Players

Lauren Kaufman
JLL
Lauren Kaufman
35 deals$5.4B volume(312) 470-1800
BROKER
Gideon Gil
Cushman & Wakefield
Gideon Gil
48 deals$11.1B volume
BROKER
Zachary (Zach) Kraft
Cushman & Wakefield
Zachary Kraft
22 deals$3.8B volume
BROKER
Sebastian Sanchez
Cushman & Wakefield
Sebastian Sanchez
9 deals$862.6M volume
BROKER
Webster Bank
Webster Bank
LENDER

Details

FINANCED
IMAGE: Gideon Gil, Lauren Kaufman, Zachary Kraft, Sebastian Sanchez, Cecelia Galligan, Eric Roth & Tyler Signora DATE: 04/07/2023 ADDRESS: 1065 Jerome Avenue, 1098-1114 Gerard Avenue, 1197 Grand Concourse, 1534 Selwyn Avenue, 2353-2357 Crotona Avenue, 2543-2567 Decatur Avenue & 2608 Creston Avenue MARKET: Bronx ASSET TYPE: Multifamily ~ SF: 497,824 LENDER: Webster Bank (@WebsterBank) LANDLORD: InterVest BROKERS: Gideon Gil, Lauren Kaufman, Zachary Kraft, Sebastian Sanchez, Cecelia Galligan, Eric Roth & Tyler Signora - Cushman & Wakefield (@CushWake) LOAN AMOUNT: $47,500,000 LOAN TYPE: Acquisition &Wakefield

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$47,500,000.00

Monthly NOI$316,666.67
Monthly Debt Service$300,232.31
Change in Cash Flow$0.00
Refinance Proceeds$0.00