Stephen Palmese Of Integritas Capital Provides $18.8 Million Loan For Astoria Condo Project
31-48 Crescent Street
$18,800,000
Units
25
Asset Type
Condo
Closing
Aug 27, 2026
About this deal
AI
The property involved in this transaction is a condominium located at 31-48 Crescent Street in Astoria. It is a 25-unit project that is currently under construction and is anticipated to be completed in the first half of 2028. The loan amount for this construction financing is set at $18,800,000.
Summary of transaction details:
- Property Type: Condo
- Transaction Amount: $18,800,000
- Lender: Stephen Palmese - Integritas Capital
- Loan Type: Construction
- Address: 31-48 Crescent Street
- Market: Astoria
This transaction benefits from the expertise of Integritas Capital, who facilitated the resolution of a mechanic’s lien and negotiated a discounted lender payoff. These actions have enabled construction to proceed towards the completion of the condominium project.
On the Map
$18,800,000
Condo
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Players
Astoria Condo Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.84%
Cash-on-Cash
-0.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93