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Popular Community Bank Provides $4.8M Loan For Kew Gardens Development Site

Property Image
FINANCED
$4,825,000
Michael Volpe
SL

New York

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Development Site18,000 SF
Financed 08/27/2019
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Property Image
FINANCED

Popular Community Bank Provides $4.8M Loan For Kew Gardens Development Site

Grosvenor Ln, Queens, NY, USA

See Similar Deals
Development Site18,000 SF
Financed 08/27/2019
Michael Volpe
SL
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$268
Total Square Footage:18,000 SF
Transaction Type:Loan

A development site located at 116-17 Grosvenor Lane in Queens, Kew Gardens, has been involved in a closed transaction. The property, with a square footage of 18,000, will be the site of a to be built 7-story, 19-unit residential building.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $4,825,000
  • Date: 08/27/2019
  • Lender: Popular Community Bank
  • Landlord: Grosvenor Realty Group LLC – Steven Li
  • Broker: Michael Volpe (Volpe Realty LLC)
  • Loan Terms: 24 months interest only construction financing

Michael Volpe from Volpe Realty LLC acted as the broker for this transaction. The loan amount for the development site was $4,825,000, with the loan terms being 24 months of interest only construction financing. The property is expected to be developed into a 7-story, 19-unit residential building.

Players

Michael Volpe
Highcap Group
Michael Volpe
19 deals$84M volume
BROKER
SL
Steven Li
7 deals$49.6M volume
LANDLORD

Details

FINANCED
IMAGE: Michael Volpe DATE: 08/27/2019 ADDRESS: 116-17 Grosvenor Lane MARKET: Queens, Kew Gardens ASSET TYPE: Development Site LENDER: Popular Community Bank LANDLORD: Grosvenor Realty Group LLC– Steven Li BROKER: Michael Volpe LOAN AMOUNT: $4,825,000 LOAN TERMS: 24 months interest only construction financing SF: 18,000 NOTE: to be built – 7-story 19 unit residential building

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$4,825,000.00

Monthly NOI$32,166.67
Monthly Debt Service$30,497.28
Change in Cash Flow$0.00
Refinance Proceeds$0.00