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Procida Funding Provides $32.5M Construction Loan For Mixed-Use Property In Rockaway Beach, NY

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FINANCED
$32,500,000

Illinois

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Mixed-use39,900 SF
Financed 03/10/2023
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FINANCED

Procida Funding Provides $32.5M Construction Loan For Mixed-Use Property In Rockaway Beach, NY

Riis Park

See Similar Deals
Mixed-use39,900 SF
Financed 03/10/2023
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Summary

ILLINOIS
Asset Type:Mixed-use
Price Per Square Foot:$814
Total Square Footage:39,900 SF
Transaction Type:Loan

Located at 157 Rockaway Beach Blvd in Riis Park, Rockaway Beach, NY, this mixed-use property spans 39,900 square feet. The property was involved in a closed transaction, with details as follows:

Summary of transation details

  • Property Type: Mixed-Use
  • Transaction Amount: $32,500,000
  • Date: 03/10/2023
  • Lender: Procida Funding - Brian Foley
  • Landlord: CBSK Development - Scott Shnay, Charlie Blaichman & Abe Shnay
  • Brokers: Richard Horowitz & Justin Horowitz - Cooper Horowitz
  • Loan Type: Construction

The loan for this transaction was provided by Procida Funding, with Brian Foley representing the lender. The landlord of the property is CBSK Development, with Scott Shnay, Charlie Blaichman, and Abe Shnay as the individuals involved. The brokers who facilitated the deal were Richard Horowitz and Justin Horowitz from Cooper Horowitz. The loan amount for this construction project was $32,500,000.

Players

Justin Horowitz
32 deals$2.1B volume(212) 986-8400
BROKER

Richard Horowitz
Cooper Horowitz
40 deals$2.7B volume
BROKER

Scott Shnay
9 deals$113M volume
LANDLORD

Scott Shnay
9 deals$113M volume
LANDLORD

Details

FINANCED
IMAGE: Justin Horowitz, Richard Horowitz, Scott Shnay & Brian Foley DATE: 03/10/2023 ADDRESS: 157 Rockaway Beach Blvd - Riis Park MARKET: Rockaway Beach, NY ASSET TYPE: Mixed-Use ~ SF: 39,900 LENDER: Procida Funding - Brian Foley LANDLORD: CBSK Development - Scott Shnay, Charlie Blaichman & Abe Shnay BROKERS: Richard Horowitz & Justin Horowitz - Cooper Horowitz LOAN AMOUNT: $32,500,000 LOAN TYPE: Construction

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$32,500,000.00

Monthly NOI$216,666.67
Monthly Debt Service$205,422.11
Change in Cash Flow$0.00
Refinance Proceeds$0.00