Procida Funding Provides $32.5M Construction Loan For Mixed-Use Property In Rockaway Beach, NY
Riis Park
$32,500,000
$814/SF
Building Size
39,900 SF
Asset Type
Mixed-use
Closing
Mar 10, 2023
About this deal
AI
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.
On the Map
$32,500,000
$814/SF
Mixed-use
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Players
Chicago Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.49%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93