Updated Dec 4, 2024
Marx Development Group Secures $18.6M Refinance Loan For Development Site In Little Neck, Queens
$18,600,000
Building Size
—
Asset Type
Development Site
Closing
Nov 6, 2023
About this deal
AI
Marx Development Group, led by David Marx, has secured an $18.6 million refinancing loan for a development site located at 242-22 61st Avenue in Little Neck, Queens. The loan was provided by bondholders from the Tel Aviv Stock Exchange, with Hillel Lazarus representing the lender.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $18,622,385
- Address: 242-22 61st Avenue
- Market: Little Neck, Queens
- Loan Type: Refinance
- Asset Type: Development Site
- BSF: 91,574
- Landlord: David Marx - Marx Development Group
- Lender: Hillel Lazarus - Tel Aviv Stock Exchange
This refinancing loan will provide Marx Development Group with the necessary capital for the development site in Little Neck, Queens. The loan was approved by bondholders from the Tel Aviv Stock Exchange, with Hillel Lazarus representing them as the lender's representative. With this financial support, Marx Development Group can move forward with their plans for the development site.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.85%
Cash-on-Cash
-0.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93