Updated Oct 29, 2024
Urban Standard Capital Provides $6M Loan For Development Site In Queens, Jamaica
221-6 Merrick Blvd, Laurelton, NY 11413, USA
$6,000,000
$7/SF
Building Size
805,020 SF
Asset Type
Development Site
Closing
Dec 22, 2019
About this deal
AI
The development site located at 221 06-26 Merrick Blvd in Queens, Jamaica has been involved in a closed property transaction. The transaction took place on 12/23/2019. The property, measuring 80,502 square feet, was sold for a loan amount of $6,000,000. The asset is owned by BP RE Fund, with Mike Berman as the landlord.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $6,000,000
- Address: 221 06-26 Merrick Blvd, Queens, Jamaica
- Market: Queens, Jamaica
- Lender: Urban Standard Capital
- Landlord: BP RE Fund - Mike Berman
The deal was originated by Benjamin Barasch of Urban Standard Capital, while Matt Swerdlow of Ariel Property Advisors represented the borrower during the transaction.
Players
Laurelton 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
2.64%
Cash-on-Cash
-0.76%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93