Updated Dec 4, 2024
Benjamin Landa And Leopold Friedman Secure $59.6 Million Refinance Loan For Kingsbridge Heights Property
3400 Cannon Place
$59,600,000
Building Size
—
Asset Type
Special Purpose
Closing
Jun 28, 2024
About this deal
AI
The asset involved in this transaction is a special purpose building located at 3400 Cannon Place in Kingsbridge Heights, Bronx. The refinancing loan amounted to $59,600,000, which was secured for this specialty property.
Summary of transaction details:
- Property Type: Special Purpose
- Transaction Amount: $59,600,000
- Address: 3400 Cannon Place
- Market: Kingsbridge Heights, Bronx
- Lender: Brett Bandazian & Ross Dahmen - Metropolitan Commercial Bank
- Landlord: Benjamin Landa & Leopold Friedman
- Loan Type: Refinance
Benjamin Landa and Leopold Friedman were represented in this transaction by 3400 Cannon Place LLC. Their engagement with Metropolitan Commercial Bank for the refinancing highlights the operational decisions made regarding the specialty building.
On the Map
$59,600,000
Special Purpose
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Players
Bronx Special Purpose Market Snapshot
Boundary boundary · Special Purpose · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.27%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93