Updated Oct 29, 2024
Maxim Capital Group Provides $25M Acquisition Loan For Development Site In Long Island City
24-02 Queens Plaza S Long Island City, NY 11101, USA
$25,000,000
Building Size
—
Asset Type
Development Site
Closing
Aug 22, 2023
About this deal
AI
A development site located at 24-02 Queens Plaza South in Long Island City has secured a $25 million acquisition loan from Maxim Capital Group. The property, owned by Montperia Group and JLS Construction, is set to undergo development.
Summary of Transaction Details
- Property Type: Development Site
- Transaction Amount: $25,000,000
- Lender: Maxim Capital Group (Josh Greene, Adam Glick, & Billy Haber)
- Landlord: Montperia Group & JLS Construction
- Loan Type: Acquisition
- Location: 24-02 Queens Plaza South, Long Island City
The acquisition loan was provided by Maxim Capital Group, with representatives of the company including Josh Greene, Adam Glick, and Billy Haber. The property owners, Montperia Group and JLS Construction, will be responsible for overseeing the development of the site. The loan will enable the acquisition of the property and facilitate its transformation into a new development project.
On the Map
$25,000,000
Development Site
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Players
Plaza 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
0.63%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93