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Joel Zupnick's Sutphin Boulevard Equities Secures $142M Construction Loan For 521-Unit Development Site In Jamaica, Queens

Property Image
FINANCED
$142,000,000
SH
JZ

New York

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Development Site
Financed 10/17/2023
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Property Image
FINANCED

Joel Zupnick's Sutphin Boulevard Equities Secures $142M Construction Loan For 521-Unit Development Site In Jamaica, Queens

147 95th Avenue & 35 95th Avenue

See Similar Deals
Development Site
Financed 10/17/2023
SH
JZ
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Transaction Type:Loan

Sutphin Boulevard Equities, a development entity owned by NYC real estate financier Joel Zupnick, has secured $142 million in construction financing for a 521-unit multifamily building in Jamaica, Queens. The development site is located at 147-35 95th Avenue in the thriving market of Jamaica, Queens.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $142,000,000
  • Units: 521
  • Lender: SCALE Lending - Daniel Ridloff
  • Landlord: Joel Zupnick - Sutphin Boulevard Equities
  • Broker: Steven Hersko - SHB Group

The loan was provided by SCALE Lending, with Daniel Ridloff acting as their representative. Joel Zupnick, the owner of Sutphin Boulevard Equities, served as the landlord for the transaction. Steven Hersko, from the SHB Group, represented the parties involved as the broker.

Players

SH
SHB Group
Steven Hersko
5 deals$266.9M volume
BROKER
SCALE Lending
SCALE Lending
LENDER
JZ
Joel Zupnick
5 deals$296.4M volume
LANDLORD

Details

FINANCED
IMAGE: 10/17/2023 ADDRESS: 147-35 95th Avenue MARKET: Jamaica, Queens ASSET TYPE: Development Site ~ UNITS: 521 LENDER: SCALE Lending - Daniel Ridloff LANDLORD: Joel Zupnick- Sutphin Boulevard Equities BROKER: Steven Hersko - SHB Group LOAN AMOUNT: $142,000,000 LOAN TYPE: Construction NOTE: Sutphin Boulevard Equities, a development entity owned by NYC real estate financier Joel Zupnick, has secured $142 million in construction financing for a 521-unit multifamily building in Jamaica, Queens.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$142,000,000.00

Monthly NOI$946,666.67
Monthly Debt Service$897,536.59
Change in Cash Flow$0.00
Refinance Proceeds$0.00