Updated Oct 28, 2024
Truist Bank Provides $22.5M Construction Loan For Development Site In Bayside
215-01 42nd Avenue, Queens, New York 11361, United States
$22,500,000
$493/SF
Building Size
45,585 SF
Asset Type
Development Site
Closing
Aug 8, 2022
About this deal
AI
On August 9, 2022, a closed property transaction took place in Bayside, involving a development site located at 215-01 42nd Avenue. The property has a buildable square footage (BSF) of 45,585. The transaction was facilitated by Truist Bank, which provided a construction loan to the landlord, Storage Deluxe, in the amount of $22,500,000.
Summary of Transaction Details
- Property Type: Development site
- Transaction Date: August 9, 2022
- Address: 215-01 42nd Avenue
- Market: Bayside
- BSF: 45,585
- Lender: Truist Bank
- Landlord: Storage Deluxe
- Loan Amount: $22,500,000
- Loan Type: Construction
The transaction involved the collaboration of key individuals, including Steven J. Guttman, Nicholas S. Coslov, and Steven Novenstein. They played an instrumental role in the deal, representing the interests of the respective parties involved.
On the Map
$22,500,000
$493/SF
Development Site
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Players
Queens Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.71%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93