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

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.