Updated Nov 18, 2025
Bank OZK Provides $29M Construction Loan For 188-11 Hillside Ave Devsite In Jamaica Estates, Queens
88-11 188th St, Jamaica, NY 11423, USA
$29,000,000
$1,543/SF
Building Size
18,786 SF
Asset Type
Development Site
Closing
May 21, 2020
About this deal
AI
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
Hollis Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.55%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93