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
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.
Players
New York CRE Market Snapshot
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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