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Ming’s Garden Realty Secures $60.25M Bridge Financing For Astoria Condo Tower
FINANCED
$60,250,000
New York
See Similar DealsCondo40,034 SF
Financed 02/28/2024
FINANCED
Ming’s Garden Realty Secures $60.25M Bridge Financing For Astoria Condo Tower
26-01 4th Street
See Similar DealsCondo40,034 SF
Financed 02/28/2024
Summary
NEW YORK
Asset Type:Condo
Price Per Square Foot:$1,505
Total Square Footage:40,034 SF
Transaction Type:Loan
The property at 26-01 4th Street in Astoria, Queens, is a 13-story, 143-unit condominium tower set for completion in Q1 2025. Ming’s Garden Realty secured $60.25 million bridge financing from Slate Property Group and LibreMax Capital for this property.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $60,250,000
- Asset Type: Condo
- Square Footage: 40,034
- Address: 26-01 4th Street
- Market: Astoria, Queens
- Lender: Libremax Capital & Daniel Ridloff - Slate Property Group
- Broker: Sam Zhang - New Land Capital
- Loan Terms: Two-year, floating-rate loan
Ming’s Garden Realty was the borrower in this transaction, securing the loan from Slate Property Group and Libremax Capital. Sam Zhang from New Land Capital represented the borrower on this deal.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$60,250,000.00
Monthly NOI$401,666.67
Monthly Debt Service$380,820.98
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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