Truist Bank Provides $22.5M Construction Loan For Development Site In Bayside
FINANCED
$22,500,000
New York
See Similar DealsDevelopment Site45,585 SF
Financed 08/09/2022
FINANCED
Truist Bank Provides $22.5M Construction Loan For Development Site In Bayside
215-01 42nd Avenue, Queens, New York 11361, United States
See Similar DealsDevelopment Site45,585 SF
Financed 08/09/2022
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$493
Total Square Footage:45,585 SF
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$22,500,000.00
Monthly NOI$150,000.00
Monthly Debt Service$142,215.31
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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