Updated Oct 28, 2024
New York Community Bank Provides $155M Construction Loan For Development Site In Philadelphia
60 North 23rd Street, Philadelphia, PA, USA
$155,000,000
$1,179/SF
Building Size
131,465 SF
Asset Type
Development Site
Closing
Oct 12, 2021
About this deal
AI
A development site located at 60 N. 23rd Street in Philadelphia has secured a construction loan. The loan, provided by New York Community Bank (NYCB), amounts to $155,000,000. It is a 10-year term loan with an interest rate below 3 percent. There is an 18-month interest-only period for the loan. The loan will be used for the development of the property.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $155,000,000
- Lender: New York Community Bank (NYCB)
- Landlord: PMC Property Group
- Broker: David Fisher - Meridian Capital Group
David Fisher from Meridian Capital Group represented the buyer in the loan transaction. The property is owned by PMC Property Group, and they will be responsible for the development of the site. The loan, with favorable terms, will provide the necessary funding for the construction project.
Philadelphia Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.10%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93