Zev Mayer Secures $29.7 Million Construction Loan From Popular Bank For Development Site In Far Rockaway
224 Beach 28th Street
$29,700,000
Building Size
—
Asset Type
Development Site
Closing
Jun 17, 2026
AI
The asset involved in this transaction is a development site located at 224 Beach 28th Street, situated in the Far Rockaway market of Queens. The site will host a residential development comprising 57 units, and it is being financed through a construction loan. The overall loan amount secured for this project is $29,700,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $29,700,000
- Units: 57
- Lender: Popular Bank
- Landlord: Zev Mayer
Zev Mayer, acting through 204b LLC, is the individual behind securing the construction financing for this residential development project in Far Rockaway. The involvement of Popular Bank as the lender highlights the financial support for this undertaking.
Players
Market Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.53%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93