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Lakeland Bank Provides $8.25M Acquisition/Renovation Loan For Vacant Retail Property On Grand Concourse In The Bronx

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FINANCED
$8,250,000
Brad Domenico
Jorge Madruga

New York

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Retail35,000 SF
Financed 01/11/2018
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FINANCED

Lakeland Bank Provides $8.25M Acquisition/Renovation Loan For Vacant Retail Property On Grand Concourse In The Bronx

2526 Grand Concourse, Bronx, NY, USA

See Similar Deals
Retail35,000 SF
Financed 01/11/2018
Brad Domenico
Jorge Madruga
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Retail
Price Per Square Foot:$235
Total Square Footage:35,000 SF
Transaction Type:Loan

The property involved in this closed transaction is a vacant 31,750 square foot retail space located at 2526 Grand Concourse in Bronx, NY. Formerly known as 'Apple Bank', the property is being repositioned to attract national retail tenant(s). The acquisition and renovation loan for this property was facilitated by Lakeland Bank.

Summary of transaction details

  • Property Type: Retail
  • Transaction Amount: $8,250,000
  • Date: 1/11/18
  • Loan Type: Acquisition / Renovation Loan

Maddd Equities, led by Jorge Madruga, is the landlord of the property. Brad Domenico, a partner at Progress Capital, acted as the broker in this transaction. The loan arranged by Brad Domenico included a 24-month interest-only period for interior renovations. Upon stabilization, the loan will be transferred to a permanent mortgage with a 10-year term.

Players

Brad Domenico
Cushman & Wakefield
Brad Domenico
134 deals$3.6B volume
BROKER
Lakeland Bank
Lakeland Bank
LENDER
Jorge Madruga
Maddd Equities
Jorge Madruga
23 deals$749.5M volume
LANDLORD

Details

FINANCED
IMAGE: President and CEO Lakeland Bank Tom Shara, Brad Domenico and Maddd Equities Jorge Madruga DATE: 1/11/18 ADDRESS: 2526 Grand Concourse, Bronx, NY LOAN TYPE: Acquisition / Renovation Loan ASSET TYPE: Vacant 31,750 SF Retail, Formerly ‘Apple Bank’ being repositioned to attract national retail tenant(s) LENDER: Lakeland Bank LANDLORD: Maddd Equities - Jorge Madruga ( @Jorge_Madruga_) BROKER: Brad Domenico ( @Domenico317 ), Partner Progress Capital AMOUNT: $8,250,000 NOTE: Domenico was able to arrange a 24 Month I/O period for interior renovations, upon stabilization will transfer to a permanent mortgage with a 10 Year Term.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$8,250,000.00

Monthly NOI$55,000.00
Monthly Debt Service$52,145.61
Change in Cash Flow$0.00
Refinance Proceeds$0.00