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Mordechai Schwimmer Secures $20.7M Refinance Loan For Astoria Development Site
FINANCED
$20,700,000
New York
See Similar DealsDevelopment Site
Financed 11/13/2023
FINANCED
Mordechai Schwimmer Secures $20.7M Refinance Loan For Astoria Development Site
27-16 21st Street
See Similar DealsDevelopment Site
Financed 11/13/2023
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
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
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$20,700,000.00
Monthly NOI$138,000.00
Monthly Debt Service$130,838.08
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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