Rybak Development Secures $71M Construction Loan For Residential Condos In Forest Hills, Queens
111-17 78th Avenue
$71,000,000
$333/SF
Building Size
213,009 SF
Asset Type
Condo
Closing
Dec 18, 2023
About this deal
AI
The residential condos located at 111-17 78th Avenue in Forest Hills, Queens have been involved in a closed transaction. The property spans approximately 213,009 square feet and comprises a total of 98 units. The asset is owned by Sergey Rybak and Andrei Shavrin of Rybak Development.
Summary of transaction details
- Property Type: Residential Condos
- Transaction Amount: $71,000,000
- Lender: Valley Bank
- Landlord: Sergey Rybak & Andrei Shavrin - Rybak Development
- Brokers: Robert Tonnessen & Aaron Niedermayer - JLL
- Loan Type: Construction
The loan amount for this transaction is $71,000,000 and it has been provided by Valley Bank. The property owner, Sergey Rybak and Andrei Shavrin, are represented by Robert Tonnessen and Aaron Niedermayer from the JLL agency.
On the Map
$71,000,000
$333/SF
Condo
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93