Israel Hirsch Secures $21.6 Million Construction Loan For Development Site In Far Rockaway
135 Beach 29th Street
$21,600,000
Building Size
—
Asset Type
Development Site
Closing
Jun 4, 2026
AI
The asset involved in this transaction is a development site located at 135 Beach 29th Street in Far Rockaway, Queens. The planned project consists of 74 residential units, supported by a loan amounting to $21,600,000 for construction purposes.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $21,600,000
- Lender: Monticelloam
- Landlord: Israel Hirsch
- Loan Type: Construction
- Date of Loan Closure: June 4, 2026
- Date Recorded: June 15, 2026
Israel Hirsch, through Beach Development 29th Holding LLC, is the key individual associated with securing the construction loan from MonticelloAM’s Blkm Funding (Trs), LLC for this upcoming residential development, reflecting the financing efforts directed towards this specific project.
Players
Beach Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.73%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93