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Bank OZK Provides $29M Construction Loan For 188-11 Hillside Ave Devsite In Jamaica Estates, Queens

Property Image
FINANCED
$29,000,000
James Murad
Andrew Iadeluca
Adam Hakim

New York

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Development Site18,786 SF
Financed 05/22/2020
the dealplayerscompscontact
Property Image
FINANCED

Bank OZK Provides $29M Construction Loan For 188-11 Hillside Ave Devsite In Jamaica Estates, Queens

88-11 188th St, Jamaica, NY 11423, USA

See Similar Deals
Development Site18,786 SF
Financed 05/22/2020
James Murad
Andrew Iadeluca
Adam Hakim
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$1,543
Total Square Footage:18,786 SF
Transaction Type:Loan

A construction loan in the amount of $29,000,000 has been acquired for a development site located at 188-11 Hillside Avenue in Jamaica Estates, Queens. The property, owned by Piermont Properties, is a devsite with a total gross square footage of 120,905, including 19,655 square feet dedicated to office space. The asset consists of 101 residential units.

Summary of transaction details

  • Property Type: Devsite
  • Transaction Amount: $29,000,000
  • Address: 188-11 Hillside Avenue
  • Market: Jamaica Estates, Queens
  • Gross Square Footage: 120,905
  • Office Square Footage: 19,655
  • Units: 101 (Residential)

The construction loan was secured from Bank OZK by the brokers representing the transaction, Adam Hakim, James Murad, and Andrew Iadeluca from Meridian Capital Group.

Players

James Murad
Ripco
James Murad
62 deals$2.9B volume(646) 290-2012
BROKER
Andrew Iadeluca
Andrew Iadeluca
17 deals$689.1M volume(315) 480-2540
BROKER
Andrew Iadeluca
Andrew Iadeluca
17 deals$689.1M volume(315) 480-2540
BROKER
Adam Hakim
Ripco
Adam Hakim
60 deals$2.9B volume(646) 290-2011
BROKER
Meridian Capital Group
Meridian Capital Group
BROKERAGE
Bank OZK
Bank OZK
LENDER
PP
Piermont Properties
LANDLORD

Details

FINANCED
IMAGE: Adam Hakim, James Murad, Andrew Iadeluca DATE: 5/22/2020 ADDRESS: 188-11 Hillside Avenue MARKET: Jamaica Estates, Queens ASSET TYPE: Devsite LOAN TYPE: Construction loan LOAN AMOUNT: $29,000,000 GROSS SF: 120,905 OFFICE SF: 19,655 UNITS: 101 (Residential) LENDER: Bank OZK LANDLORD: Piermont Properties BROKERS: Adam Hakim, James Murad, Andrew Iadeluca @Meridian.Capital.Group

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$29,000,000.00

Monthly NOI$193,333.33
Monthly Debt Service$183,299.73
Change in Cash Flow$0.00
Refinance Proceeds$0.00