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Jeffrey R. Blau Of Related Companies Secures $60.9M Loan From NYC Housing Development Corporation
FINANCED
$60,900,000
New York
See Similar DealsCondo
Financed
FINANCED
Jeffrey R. Blau Of Related Companies Secures $60.9M Loan From NYC Housing Development Corporation
1 55 Borden Avenue
See Similar DealsCondo
Financed
Summary
NEW YORK
Asset Type:Condo
Transaction Type:Loan
The property asset involved in this transaction is a residential condo located at 1-55 Borden Avenue in Long Island City. The asset comprises 306 units within three condo structures, amounting to a total of 228,309 square feet, with a price of $266 per square foot.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $60,900,000
- Lender: NYC Housing Development Corporation
- Landlord: Jeffrey R. Blau - Related Companies
- Market: Long Island City
- Units: 306
This transaction highlights the involvement of Related Companies through HPS Border Avenue Associates LLC, which secured the loan from NYC Housing Development Corporation. The loan was later assigned to Fannie Mae, indicating a structured financial arrangement for this considerable asset in a competitive market.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$60,900,000.00
Monthly NOI$406,000.00
Monthly Debt Service$384,929.43
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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