Mordechai Schwimmer Secures $20.7M Refinance Loan For Astoria Development Site
27-16 21st Street
$20,700,000
Building Size
—
Asset Type
Development Site
Closing
Nov 13, 2023
AI
A $20.7 million refinance loan has been secured by Mordechai Schwimmer for a residential development project located at 27-16 21st Street in Astoria, Queens. The development site consists of 49 units and has a buildable square footage (BSF) of 33,786.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $20,700,000
- Address: 27-16 21st Street, Astoria, Queens
- Market: Astoria, Queens
- BSF: 33,786
- Units: 49
- Lender: Peggy Lane - Bank of Princeton
- Landlord: Mordechai Schwimmer
- Loan Type: Refinance
Mordechai Schwimmer, represented by signatory Mordechai Schwimmer, successfully secured the $20.7 million refinance loan from Bank of Princeton to support the development project at 27-16 21st Street. This financing will contribute to the completion of the 49-unit residential development site in Astoria, Queens.
Players
Astoria 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
0.77%
Cash-on-Cash
-0.22%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93