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Piermont Properties Secures $29.2M Refinance Loan From Davis Hillside LLC For Holliswood Development Site
FINANCED
$29,250,000
New York
See Similar DealsDevelopment Site
Financed 05/22/2023
FINANCED
Piermont Properties Secures $29.2M Refinance Loan From Davis Hillside LLC For Holliswood Development Site
188-11 Hillside Avenue Queens, NY 11423, USA
See Similar DealsDevelopment Site
Financed 05/22/2023
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$29,250,000.00
Monthly NOI$195,000.00
Monthly Debt Service$184,879.90
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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