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Parke Bank Provides $13.1M Construction Loan For Development Site In Jamaica, Queens

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FINANCED
$13,064,725

New York

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Development Site33,088 SF
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FINANCED

Parke Bank Provides $13.1M Construction Loan For Development Site In Jamaica, Queens

144-02 94th Avenue, Queens, New York 11435, United States

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Development Site33,088 SF
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Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$394
Total Square Footage:33,088 SF
Transaction Type:Loan

A development site located at 144-02 94th Avenue in Jamaica, Queens has been involved in a recent loan transaction. The property, with a building size factor (BSF) of 33,088, has attracted attention in the market. The loan, provided by Parke Bank, has a total amount of $13,064,725 and falls under the construction loan category. It is important to note that the landlord of the property is Maheshchand M. Ratanji.

Summary of transaction details:

  • Property Type: Development site
  • Transaction Amount: $13,064,725
  • Address: 144-02 94th Avenue, Jamaica, Queens
  • Market: Jamaica, Queens
  • Building Size Factor (BSF): 33,088
  • Lender: Parke Bank
  • Landlord: Maheshchand M. Ratanji

The loan transaction involving the development site at 144-02 94th Avenue reveals the crucial role played by Parke Bank as the lender. Maheshchand M. Ratanji, the landlord of the property, has facilitated the loan process. This deal highlights the cooperation between the involved parties in the successful execution of a construction loan for the development site in Jamaica, Queens.

Players

LENDER

Details

FINANCED
IMAGE: 09/20/2022 ADDRESS: 144-02 94th Avenue MARKET: Jamaica, Queens ASSET TYPE: Development site ~ BSF: 33,088 LENDER: Parke Bank LANDLORD: Maheshchand M. Ratanji LOAN AMOUNT: $13,064,725 LOAN TYPE: Construction

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$13,064,725.00

Monthly NOI$87,098.17
Monthly Debt Service$82,577.95
Change in Cash Flow$0.00
Refinance Proceeds$0.00