Updated Feb 16, 2024
Popular Bank Provides $21.4M Construction Loan For Development Site In Jamaica, Queens
148-18 Hillside Avenue, Queens, New York 11427, United States
$21,400,000
$306/SF
Building Size
69,800 SF
Asset Type
Development Site
Closing
Sep 15, 2022
About this deal
AI
The development site located at 148-18 Hillside Avenue in Jamaica, Queens has been involved in a closed transaction. The property is a development site with a buildable square footage (BSF) of 69,800. The asset is situated in the Jamaica market.
Summary of transaction details:
- Property Type: Development Site
- Transaction Date: 09/16/2022
- Address: 148-18 Hillside Avenue
- Market: Jamaica, Queens
Travis Schelhorn, representing Popular Bank, provided a construction loan for the transaction. The loan amount totaled $21,400,000. Chung Lam is the landlord associated with the property.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.74%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93