Truist Bank Provides $22.5M Construction Loan For Development Site In Bayside

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.