Century Development Group Secures $69M Construction Loan For 11-36 45th Avenue Condominiums
11-36 45th Ave Long Island City, NY 11101, USA
$69,000,000
$530/SF
Building Size
130,135 SF
Asset Type
Condo
Closing
May 25, 2023
AI
The property involved in this transaction is a condominium located at 11-36 45th Avenue in New York City. It spans a total area of 130,135 square feet. The transaction took place on May 25, 2023.
Summary of transaction details:
- Property Type: Condominiums
- Transaction Amount: $69,000,000
- Address: 11-36 45th Avenue
- Market: New York City
- Lender: BHI - Mimi Vu & Ben Harlev - Be-Aviv
- Landlord: Century Development Group - George Xu
- Brokers: Morris Betesh & Omar Ferreira - Meridian Capital Group
- Loan Type: Construction
The lender for this transaction was BHI, represented by Mimi Vu and Ben Harlev from Be-Aviv. The landlord in this deal was Century Development Group, represented by George Xu. The brokers involved in the transaction were Morris Betesh and Omar Ferreira from Meridian Capital Group.
Players
New York Condo Market Snapshot
Boundary boundary · Condo · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.23%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93