Updated Nov 13, 2026
Mega Contracting Group Secures $256.3 Million Loan For Development Site In Astoria, Queens
21-12 30th Road
$256,300,000
Units
236
Asset Type
Development Site
Closing
Oct 23, 2026
About this deal
AI
The asset involved in the transaction is a development site located at 21-12 30th Road in Astoria, Queens. The property has a building square footage of 319,075 and is part of a mixed-use development comprising 236 residential units. The total loan amount secured for this project is $256,300,000 for construction purposes.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $256,300,000
- Market: Astoria, Queens
- Lender: TD Bank, Enterprise Community Partners, NYC Department of Housing Preservation & Development
- Landlord: Hercules Hanjis - Mega Contracting Group
The deal represents a significant collaboration where Mega Contracting Group, through Variety Local Development Corporation, secured funding from multiple lenders including TD Bank and the NYC HPD, highlighting a collective effort to enhance the housing landscape in the area.
On the Map
$256,300,000
Development Site
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Players
Astoria Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93