Updated Dec 4, 2024
Grubb Properties Receives $15M Loan From Maxim Credit Group For Long Island City Commercial Project
41-24 27th Street
$15,000,000
Building Size
—
Asset Type
Commercial
Closing
Sep 27, 2023
About this deal
AI
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.
On the Map
$15,000,000
Commercial
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.06%
Cash-on-Cash
-0.30%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93