Updated Oct 14, 2026
Marcus & Millichap Arranges $16M Loan For New Rochelle Student Housing
17 Locust Ave, New Rochelle, NY, 10801
$16,000,000
Building Size
—
Asset Type
Student Housing
Closing
Nov 22, 2023
About this deal
AI
The property involved is a newly built 282-bed student housing located at 17 Locust Ave, New Rochelle, NY, 10801. The loan amount for this asset is $16,000,000.00. The property serves nearby Monroe College in New Rochelle's market.
Summary of transaction details:
- Property Type: Student Housing
- Transaction Amount: $16,000,000.00
- Borrower's Rep: Steven Rock (Marcus & Millichap)
- Lender: Unknown life insurance company
- Loan-to-Value: 65%
- Interest Rate: 4.98%
- Interest-only Payments: 18 months
Steven Rock of Marcus & Millichap represented the borrower in securing the $16 million loan for the 282-bed student housing property. The loan was originated with a 65% loan-to-value and features a fixed interest rate of 4.98%. The borrower's identity was not disclosed in the transaction.
On the Map
$16,000,000
Student Housing
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Players
New Rochelle Student Housing Market Snapshot
Boundary boundary · Student Housing · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.99%
Cash-on-Cash
-0.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93