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
$47,500,000
$14/SF
Building Size
3,403,294 SF
Asset Type
Package Deal
Closing
Apr 7, 2023
AI
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
Market Package Deal Market Snapshot
Boundary boundary · Package Deal · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.33%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93