Bolivar Development Refinances Bronx School At 1006 Westchester Avenue With Deutsche Bank For $52.8M
1006 Westchester Avenue
$52,800,000
Building Size
—
Asset Type
School
Closing
Jun 6, 2025
About this deal
AI
The asset involved in this transaction is a school located at 1006 Westchester Avenue in Longwood, Bronx. Bolivar Development has refinanced the property with a new loan amounting to $52,800,000. This refinance replaces an earlier loan of $49,400,000 from M&T Bank.
Summary of transaction details:
- Property Type: School
- Transaction Amount: $52,800,000
- Lender: Deutsche Bank
- Landlord: Peter Fine - Bolivar Development
- Loan Type: Refinance
Peter Fine represents Bolivar Development in this transaction, facilitating the refinancing process with Deutsche Bank, which provided the significant loan for the property located at 1006 Westchester Avenue.
On the Map
$52,800,000
School
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Players
Bronx School Market Snapshot
Boundary boundary · School · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.30%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93