Updated Dec 19, 2023
Equitas Capital Group Provides $7.5M Construction Loan For Development Site In Long Island City
12 30th Avenue, Queens, New York 11103, United States
$7,500,000
$300/SF
Building Size
25,000 SF
Asset Type
Development Site
Closing
Feb 28, 2022
About this deal
AI
A construction loan in the amount of $7,500,000 was secured for a development site located at 12-16 30th Ave in Long Island City. The site has a buildable square footage (BSF) of 25,000 and is being developed into an undisclosed project.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $7,500,000
- Address: 12-16 30th Ave, Long Island City
- Market: Long Island City
- Loan Type: Construction
- Loan Terms: LTV: 70%, Loan Term: 2 years + 1 (6) month extensions, Amortization: Interest only
The loan was facilitated by Alex Leykind from Equitas Capital Group. As a relationship-driven firm, Equitas Capital Group aims to provide tailor-made solutions to its clients' commercial real estate financing needs. They invest time and resources in understanding their clients' individual perspectives and challenges to ensure each loan is customized accordingly.
For more information on how Equitas Capital Group can assist with commercial property financing, contact them at 646-637-7510 or [email protected].
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
2.12%
Cash-on-Cash
-0.60%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93