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Marx Development Group Secures $18.6M Refinance Loan For Development Site In Little Neck, Queens
FINANCED
$18,600,000
New York
See Similar DealsDevelopment Site
Financed 11/06/2023
FINANCED
Marx Development Group Secures $18.6M Refinance Loan For Development Site In Little Neck, Queens
Development Site
Financed 11/06/2023
Summary
Asset Type:Development Site
Transaction Type:Loan
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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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$18,600,000.00
Monthly NOI$124,000.00
Monthly Debt Service$117,564.65
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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