Updated Sep 11, 2026
Piermont Properties Secures $29.2M Refinance Loan From Davis Hillside LLC For Holliswood Development Site
188-11 Hillside Avenue Queens, NY 11423, USA
$29,250,000
Building Size
—
Asset Type
Development Site
Closing
May 22, 2023
About this deal
AI
Piermont Properties has secured a refinance loan worth $29.2 million from Davis Hillside LLC for the development project located at 188-11 Hillside Avenue in Holliswood, Queens. The development site has a total buildable square footage (BSF) of 72,308 and is situated in the Holliswood market of Queens.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $29,250,000
- Address: 188-11 Hillside Avenue
- Market: Holliswood, Queens
- BSF: 72,308
The loan was provided by Davis Hillside LLC, with Brian Davis serving as the representative of the lender. Piermont Properties, represented by Michael Grey, is the landlord involved in this transaction.
On the Map
$29,250,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.54%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93