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Grubb Properties Receives $15M Loan From Maxim Credit Group For Long Island City Commercial Project
FINANCED
$15,000,000
New York
See Similar DealsCommercial
Financed 09/27/2023
FINANCED
Grubb Properties Receives $15M Loan From Maxim Credit Group For Long Island City Commercial Project
41-24 27th Street
See Similar DealsCommercial
Financed 09/27/2023
Summary
NEW YORK
Asset Type:Commercial
Transaction Type:Loan
Developer Grubb Properties has obtained $15 million in gap financing from Maxim Credit Group for its project at 41-24 27th Street in Queens, New York. The commercial property is located in Long Island City, Queens and is owned by Clay Grubb of Grubb Properties.
Summary of transaction details
- Property Type: Commercial
- Transaction Amount: $15,000,000
- Lender: Maxim Credit Group
- Landlord: Clay Grubb - Grubb Properties
Maxim Credit Group provided the $15 million gap financing for the project at 41-24 27th Street. Clay Grubb, representing Grubb Properties, is the landlord of the property.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$15,000,000.00
Monthly NOI$100,000.00
Monthly Debt Service$94,810.20
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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