Matthew Whalen Of Cord Meyer Development Secures $35M Loan From Morgan Stanley For Eight Properties In Queens
111 01 Queens Boulevard, 108 36 Queens Boulevard & 72 09 Northern Boulevard
$35,000,000
$80/SF
Building Size
144,811 SF
Asset Type
Condo
Closing
Feb 14, 2025
About this deal
AI
The assets involved in the transaction include eight properties located at 111 01 Queens Boulevard, 108 36 Queens Boulevard, and 72 09 Northern Boulevard in the Forest Hills & Jackson Heights market. These properties encompass various types including condo, mixed-use, and retail spaces. The total built square footage is 160,171 with a usable square footage of 144,811.
Summary of transaction details:
- Property Type: Condo, Mixed-use & Retail
- Transaction Amount: $35,000,000
- Lender: Morgan Stanley
- Landlord: Matthew Whalen - Cord Meyer Development
Cord Meyer Development secured the loan from Morgan Stanley, facilitating a notable investment across Queens. Matthew Whalen represents Cord Meyer Development in this transaction, highlighting the involvement of key players in the financing and management of these properties.
Players
Forest Hills Condo Market Snapshot
Boundary boundary · Condo · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.45%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93