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Deal Details
Private Loan Type
Refinance
Approx. Funding Date
02/08/2024
Property Type
Multifamily
Property City
The Bronx
Property State
NY
Loan Term (months)
12
Lien Type
1st Mortgage
Payment Type
Interest Only
Property Value
$3,000,000
Previous Loan Balance
$200,000
Loan-to-Value
48%
Property Neighborhood
Kingsbridge
Location Type
Urban
Property Condition
Good
Occupancy at Closing
Tenant-Occupied
Number of Units
32
Building Square Footage
30,000
Borrower's Plan
Continue Rental
Exit Strategy
Conventional Loan
Borrower Credit Rating
Good
Interest Rate
11.50%
Origination Points
1%
Broker Commission
$14,500
Deal Summary
Funded By
Stormfield Capital, LLC
Direct Balance-Sheet Lender for Investment Properties
Dealmakers
Christian Gavrielidis
Investment Associate
Stormfield Capital, a technology-enabled direct portfolio lender, funded a $1,450,000 1st lien position bridge loan secured by a 32-unit multifamily property in the Kingsbridge neighborhood of the Bronx, NY. The property value was estimated at $3,000,000 so our loan-to-value was 48%. We paid off a previous loan balance of $200,000. The loan was used to recapitalize this fully-stabilized property owned by the same family for over 30 years. Stormfield’s loan was made at an attractive attachment point of $55 per square foot. Kingsbridge is a vibrant and diverse neighborhood located in the northwest part of the Bronx in New York City. The subject property was in good condition and is approximately 30,000 square feet. The Borrower had good credit. They plan to continue leasing the property and will eventually refinance with a conventional loan. The interest rate was 11.50%. We charged a 1% origination point and the broker earned a $14,500 commission. The loan term was set at 12 months. This CRE refinance bridge loan was funded in February 2024.