Updated Mar 26, 2026
Matthew B. Whalen Of Cord Meyer Development Company Secures $63 Million Loan From New York Life For Development In Bay Terrace
210-27 26th Avenue
$63,000,000
Units
145
Asset Type
Development Site
Closing
Mar 12, 2026
About this deal
AI
A construction loan of $63 million has been secured for a development site located at 210-27 26th Avenue in Bay Terrace, Queens. The asset is designated for a three-building, 145-unit residential project and has a built square footage of 88,165. The loan is provided by New York Life Insurance Company.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $63,000,000
- Address: 210-27 26th Avenue
- Market: Bay Terrace, Queens
- Lender: New York Life Insurance Company
- Landlord: Matthew B. Whalen - Cord Meyer Development Company
- Loan Type: Construction
Cord Meyer Development Company facilitated the loan through 21029 26 Ave LLC, showcasing the company’s commitment to expanding residential offerings in the area with this new project.
On the Map
$63,000,000
Development Site
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Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.25%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93