Updated Dec 4, 2024
Joel Zupnick's Sutphin Boulevard Equities Secures $142M Construction Loan For 521-Unit Development Site In Jamaica, Queens
147 95th Avenue & 35 95th Avenue
$142,000,000
Units
521
Asset Type
Development Site
Closing
Oct 17, 2023
About this deal
AI
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.
On the Map
$142,000,000
Development Site
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Players
Jamaica Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.11%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93