Centennial Bank Provides $101M Construction Loan For Flushing Condominium
13102 40th Road, Flushing, NY 11354
$101,000,000
$175/SF
Building Size
575,724 SF
Asset Type
—
Closing
Aug 20, 2020
About this deal
AI
A construction loan has been secured for a condominium property located at 131-02 40th Road in Flushing. The loan amount is $101,000,000 and it was provided by Centennial Bank. The property is owned by Jade Century Properties.
Summary of transaction details:
- Property Type: Condominium
- Transaction Amount: $101,000,000
- Address: 131-02 40th Road
- Market: Flushing
The loan was facilitated by Michael Lee from KSRealEstateAdvisors, acting as the broker representing Jade Century Properties in the deal.
The commercial loan at 13102 40th Road, Flushing, NY 11354 in New York, New York financed for $101M in 2020. The building is 575,724 square feet, implying about 175 per square foot on the published price. Michael Lee, HKS Real Estate Advisors appear on the loan alongside HKS Real Estate Advisors. This page is the New York, New York file for the 13102 40th Road, Flushing, NY 11354 commercial financed: pricing, party profiles, and other closed commercial comps from the same New York sit in the Market section below. Filter that New York commercial set by closing date to see what else financed near 13102 40th Road, Flushing, NY 11354 around 2020. Published consideration for 13102 40th Road, Flushing, NY 11354 is $101M, dated 2020. Cite this Centennial Bank Provides $101M Construction Loan For Flushing Condominium loan when underwriting similar commercial product around New York, New York.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.16%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93