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.
On the Map
$29,000,000
$1,543/SF
Development Site
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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