Main & Northern Partners LLC Secures $12M Refinance Loan For 40 Condo Units
134-16 35th Avenue
$12,000,000
$216/SF
Building Size
55,542 SF
Asset Type
Condo
Closing
Apr 19, 2024
About this deal
AI
The property at 134-16 35th Avenue in Flushing, Queens is a Condo with a total square footage of 55,542 and consists of 40 units. Ken Huang & Linzhong Zhuo, the landlords, secured a $12 million refinance loan from Chi-Jen Hsu of Amerasia Bank for the 40 unsold condominium units.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $12,000,000
- Square Footage: 55,542
- Address: 134-16 35th Avenue
- Market: Flushing, Queens
- Units: 40
- Lender: Chi-Jen Hsu - Amerasia Bank
- Landlord: Ken Huang & Linzhong Zhuo
Ken Huang and Linzhong Zhuo were represented by Main & Northern Partners LLC in the deal, where they secured the $12 million refinance loan from Amerasia Bank for their unsold condominium units at 134-16 35th Avenue in Flushing, Queens.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.32%
Cash-on-Cash
-0.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93