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Century Development Group Secures $69M Construction Loan For 11-36 45th Avenue Condominiums

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FINANCED
$69,000,000
Omar Ferreira
Morris Betesh
George Xu

New York

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Condo130,135 SF
Financed 05/25/2023
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Property Image
FINANCED

Century Development Group Secures $69M Construction Loan For 11-36 45th Avenue Condominiums

11-36 45th Ave Long Island City, NY 11101, USA

See Similar Deals
Condo130,135 SF
Financed 05/25/2023
Omar Ferreira
Morris Betesh
George Xu
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Condo
Price Per Square Foot:$530
Total Square Footage:130,135 SF
Transaction Type:Loan

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

Morris Betesh
Arrow Real Estate Advisors
Morris Betesh
211 deals$12.3B volume(646) 825-7005
BROKER
Omar Ferreira
Arrow Real Estate Advisors
Omar Ferreira
61 deals$3.3B volume(646) 825-7013
BROKER
Meridian Capital Group
Meridian Capital Group
BROKERAGE
Be Aviv
Be Aviv
LENDER
Bank Hapoalim (BHI)
Bank Hapoalim (BHI)
LENDER
George Xu
George Xu
10 deals$243.4M volume
LANDLORD

Details

FINANCED
IMAGE: George Xu, Ben Harlev, Morris Betesh, Mimi Vu & Omar Ferreira DATE: 05/25/2023 ADDRESS: 11-36 45th Avenue MARKET: New York City ASSET TYPE: Condominiums ~ SF: 130,135 LENDER: BHI - Mimi Vu & Ben Harlev - Be-Aviv LANDLORD: Century Development Group (@CenturyDevelopmentGroup) - George Xu BROKERS: Morris Betesh & Omar Ferreira (@OmarFerr)- Meridian Capital Group (@Meridian.Capital.Group) LOAN AMOUNT: $69,000,000 LOAN TYPE: Construction

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$69,000,000.00

Monthly NOI$460,000.00
Monthly Debt Service$436,126.94
Change in Cash Flow$0.00
Refinance Proceeds$0.00