Cornerstone Capital Secures $14.1M Non-Recourse Construction Loan For Bronx Multifamily | 1737 Grand Avenue | John Rivera, Alexander (Alex Nem) Nemirovskiy, Russell Nova | MultiFamily | Loan

Summary

Loan

NEW YORK

MultiFamily

43,600 sqft

A 24-month construction loan has been secured on a multifamily property in the Bronx. The property, located at 1737 Grand Ave., has a total square footage of 43,600 and consists of 59 units. The loan amount for this project is $14,100,000.

Summary of transaction details

Property Type: Multifamily
Transaction Amount: $14,100,000
Address: 1737 Grand Ave.
Market: Bronx
Loan Type: Construction
Loan Terms: 24 Month Construction Loan at 75 LTC
Units: 59

Yakov Orkin is the landlord of this multifamily property. The brokers involved in the transaction are Russell Nova, Alexander Nemirovskiy, and John Rivera from Cornerstone Capital of NY. They successfully negotiated a non-recourse construction loan for their developer clients, thanks to their strong relationship with the lender. Cornerstone Capital of NY has been active in providing financing for various development deals, including commercial, multifamily, hotels, industrial, warehouse, retail, and strip centers across different states.

For more information, you can contact the involved parties:

Russell Nova - Principal - 917 559 1820, [email protected]
Alexander Nemirovskiy - Senior Credit Manager - 347 751 5232, [email protected]
John Rivera - Relationship Manager - 917 615 8943, [email protected]

Players

All
4

Agents
3
Agencies
1

John Rivera

Business Development/RM

Alexander (Alex Nem) Nemirovskiy

Senior Credit Officer

Russell Nova

Principal

$48.3M Sold

Cornerstone Capital Financing

Details

Deal Summary

FINANCED

IMAGE: Alexander Nemirovskiy, Russell Nova & John Rivera DATE: 09/02/2021 ADDRESS: 1737 Grand Ave. MARKET: Bronx ASSET TYPE: Multifamily ~ BSF: 43,600 LANDLORD: Yakov Orkin BROKERS: Russell Nova (@RussellNova), Alexander Nemirovskiy (@Alex_Nemy) & John Rivera - @CornerstoneCapitalOfNY LOAN AMOUNT: $14,100,000 LOAN TYPE: Construction LOAN TERMS: 24 Month Construction Loan at 75 LTC UNITS: 59 NOTE FROM @CornerstoneCapitalOfNY: @CornerstoneCapitalofNY secured a 24 Month Construction Loan on a 43,600 SQ FT Property which is a Development of 59 Units, A Multifamily Property located in the Bronx. This was a Non-Recourse Construction Loan, Yes let us repeat that, Non-Recourse Construction Loan! Given the Relationship that we have with our Lender, our Management Team @RussellNova @Alex_Nemy were able to negotiate conducive & most favorable terms for our Developer clients. @CornerstoneCapitalofNY has been very active in the Debt space by providing Financing on Development Deals, Commercial, Multifamily, Hotels, Industrial, Warehouse, Retail & Strip Centers across the states. Russell Nova – Principal – 917 559 1820 [email protected] Alexander Nemirovskiy – Senior Credit Manager – 347 751 5232 [email protected] John Rivera – Relationship Manager – 917 615 8943 [email protected]

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Address1737 Grand Avenue

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