Queens Tower Management Corp. Refinances Flushing Multifamily For $20M With Santander Bank Loan
5825 Queens Court, Flushing, MI, USA
$20,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Oct 14, 2021
AI
Queens Tower Management Corp. has secured a $20,000,000 loan to refinance their multifamily property located at 5825 Queens Blvd. in Flushing. The property consists of 90 units and is situated in a bustling market.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $20,000,000
- Loan Rate: 2.99% (10 years)
- Lender: Santander Bank N.A.
- Borrower: Queens Tower Management Corp. – Kahen Properties
- Brokers: Charles Grussgott & Michael Helmreich - Meridian Capital Group
In this deal, Charles Grussgott and Michael Helmreich from Meridian Capital Group represented the borrower, Queens Tower Management Corp. and Kahen Properties. The loan terms include a competitive rate of 2.99% for 10 years, provided by Santander Bank N.A.
Players
Flushing MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.79%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93