Meridian Capital Group Places $8.1M Construction Loan For Bronx Charter School
629 Courtlandt Ave Bronx, NY 10451, USA
$8,100,000
$284/SF
Building Size
28,500 SF
Asset Type
School
Closing
Jun 23, 2023
About this deal
AI
Located at 629 Courtlandt Avenue in Bronx, this 28,500 square foot charter school property has recently undergone a closed transaction. The property is owned by Barone Management and the loan was provided by Low-Income Investment Fund. The deal was facilitated by Adam Hakim and James Murad from Meridian Capital Group, who served as the brokers in this transaction.
Summary of transaction details
- Property Type: Charter School
- Transaction Amount: $8,100,000
- Market: Bronx
- Landlord: Barone Management
- Lender: Low-Income Investment Fund
- Brokers: Adam Hakim & James Murad - Meridian Capital Group
- Loan Type: Construction
The Hakim Team at Meridian Capital Group specializes in debt placement for charter schools in NYC and has successfully facilitated loans for this property type with a mix of Community Development Investment Funds, traditional banks, and debt fund lenders.
Players
New York 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
1.96%
Cash-on-Cash
-0.56%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93