Urban Edge Properties Refinances Bronx Retail Property With $38M Loan
1906 Story Ave Bronx, NY 10473, USA
$38,000,000
Building Size
—
Asset Type
Retail
Closing
Aug 9, 2023
About this deal
AI
Urban Edge Properties has secured a $38 million debt package to refinance the Bronx retail property known as The Shops at Bruckner located at 1906 Story Avenue. This property is a retail asset in the Bronx market.
Summary of transaction details
- Property Type: Retail
- Transaction Amount: $38,000,000
- Lender: Apollo Global Management
- Landlord: Urban Edge Properties
- Brokers: Chris Kramer, Dustin Stolly & Jordan Roeschlaub - Newmark
The loan, provided by Apollo Global Management, will enable Urban Edge Properties to refinance The Shops at Bruckner. This transaction was facilitated by the brokerage team at Newmark, including brokers Chris Kramer, Dustin Stolly, and Jordan Roeschlaub.
Players
New York Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.42%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93