Joseph E. Fingerman & Nicholas LaMorte Secure $8.6M Refinance Loan For Retail Asset In Bronx
961 Southern Boulevard
$8,600,000
Building Size
—
Asset Type
Retail
Closing
Mar 31, 2026
About this deal
AI
The property involved in this transaction is a retail asset located at 961 Southern Boulevard in the Bronx. The refinancing amounts to $8,600,000, facilitating the ongoing operations of the asset managed by Jem Realty Management.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $8,600,000
- Lender: Joseph E. Fingerman & Nicholas LaMorte - Peapack Private Bank & Trust
- Landlord: Jem Realty Management
- Loan Type: Refinance
- Transaction Date: 4/1/2026
The loan was arranged by Joseph E. Fingerman and Nicholas LaMorte, who acted as representatives from Peapack Private Bank & Trust in this transaction, ensuring the financial arrangements were appropriately structured for Jem Realty Management. Their role highlights the importance of professional representation in real estate financing.
On the Map
$8,600,000
Retail
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Players
Bronx 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
1.84%
Cash-on-Cash
-0.53%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93