Square Mile Capital Provides $225M Loan For Development Site In Astoria
FINANCED
$225,000,000
New York
See Similar DealsDevelopment Site3,665,280 SF
Financed 07/24/2020
FINANCED
Square Mile Capital Provides $225M Loan For Development Site In Astoria
30-77 Vernon Blvd, Astoria, NY 11102, USA
See Similar DealsDevelopment Site3,665,280 SF
Financed 07/24/2020
Summary
NEW YORK
Asset Type:Development Site
Price Per Square Foot:$61
Total Square Footage:3,665,280 SF
Transaction Type:Loan
A development site located at 30-77 Vernon Boulevard in Astoria has recently closed a loan transaction. The loan amount for this transaction was $225,000,000, and the property measures 366,528 RSF. The lender involved in this deal was Square Mile Capital.
Summary of transaction details:
- Property Type: Development site
- Transaction Amount: $225,000,000
- Address: 30-77 Vernon Boulevard
- Market: Astoria
- Lender: Square Mile Capital
- RSF: 366,528
The landlords for this development site are Craig Wood and David Kronman, who represent Cape Advisors. The loan terms for this transaction include full-term interest-only payments. The brokers involved in this deal were Adam Hakim and James Murad from Meridian Capital Group.
Players
LENDER
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$225,000,000.00
Monthly NOI$1,500,000.00
Monthly Debt Service$1,422,153.05
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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