Camber Property Group Secures $88.3M Construction Loan For Far Rockaway Development Site
FINANCED
$88,343,567
New York
See Similar DealsDevelopment Site
Financed 08/01/2022
FINANCED
Camber Property Group Secures $88.3M Construction Loan For Far Rockaway Development Site
13-16 Beach Channel Drive, Queens, New York 11691, United States
See Similar DealsDevelopment Site
Financed 08/01/2022
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
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.
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Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$88,343,567.00
Monthly NOI$588,957.11
Monthly Debt Service$558,391.44
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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