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Hirshmark Capital Provides $12M Acquisition Loan For Long Island City Development Site

Property Image
FINANCED
$12,000,000
Jake Soodek
Joseph Stern

New York

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Development Site
Financed 07/28/2022
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Property Image
FINANCED

Hirshmark Capital Provides $12M Acquisition Loan For Long Island City Development Site

29-16 40th Avenue

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Development Site
Financed 07/28/2022
Jake Soodek
Joseph Stern
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Transaction Type:Loan

A development site located at 29-16 40th Ave. in Long Island City, Queens has been involved in a recent loan transaction. The property has a buildable square footage (BSF) of 95,000 and is owned by SB Development Group, represented by Joseph Stern. The loan was provided by Hirshmark Capital in the amount of $12,000,000 for the purpose of acquisition.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $12,000,000
  • Address: 29-16 40th Ave.
  • Market: Long Island City, Queens
  • BSF: 95,000
  • Lender: Hirshmark Capital
  • Landlord: SB Development Group - Joseph Stern
  • Broker: Jake Soodek - Hirshmark Capital

Jake Soodek from Hirshmark Capital acted as the broker representative in this loan transaction. The collaboration between Hirshmark Capital and SB Development Group facilitated the acquisition of the development site, ensuring a successful deal for all parties involved.

Players

Jake Soodek
Jake Soodek
35 deals$208.8M volume(212) 321-0421
BROKER
Hirshmark Capital
Hirshmark Capital
LENDER
Joseph Stern
Joseph Stern
7 deals$594.8M volume
LANDLORD

Details

FINANCED
IMAGE: Jake Soodek DATE: 07/28/2022 ADDRESS: 29-16 40th Ave. MARKET: Long Island City, Queens ASSET TYPE: Development Site ~ BSF: 95,000 LENDER: Hirshmark Capital LANDLORD: SB Development Group - Joseph Stern BROKER: Jake Soodek (@JakeSoodek) - Hirshmark Capital LOAN AMOUNT: $12,000,000 LOAN TYPE: Acquisition

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$12,000,000.00

Monthly NOI$80,000.00
Monthly Debt Service$75,848.16
Change in Cash Flow$0.00
Refinance Proceeds$0.00