Updated Oct 28, 2024
Camber Property Group Secures $88.3M Construction Loan For Far Rockaway Development Site
13-16 Beach Channel Drive, Queens, New York 11691, United States
$88,343,567
Building Size
—
Asset Type
Development Site
Closing
Jul 31, 2022
About this deal
AI
A development site located at 13-16 Beach Channel Drive in Far Rockaway, Queens has been involved in a closed property transaction. The property, owned by Camber Property Group and represented by Rick Gropper, has secured a construction loan from citibank''>Citibank. The loan amount for this transaction is $88,343,567.
Summary of transaction details:
- Property Type: Development site
- Transaction Amount: $88,343,567
- Lender: Citibank - Richard Gerwitz
- Landlord: Camber Property Group - Rick Gropper
- Address: 13-16 Beach Channel Drive, Far Rockaway, Queens
- Market: Far Rockaway, Queens
Rick Gropper, representing Camber Property Group, facilitated the transaction as the landlord. Richard Gerwitz from Citibank served as the lender.
On the Map
$88,343,567
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93