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Cape Advisors And Wainbridge Capital Acquire Dev Site In Astoria, Queens For $65M

Property Image
FINANCED
$65,000,000

New York

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Development Site5,221,320 SF
Financed 04/25/2018
the dealdetailscomps
Property Image
FINANCED

Cape Advisors And Wainbridge Capital Acquire Dev Site In Astoria, Queens For $65M

30-77 Vernon Blvd, Queens, NY 11102, USA & 30-77 Vernon Blvd, Queens, NY 11102, USA

See Similar Deals
Development Site5,221,320 SF
Financed 04/25/2018
the dealdetailscomps

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$12
Total Square Footage:5,221,320 SF
Transaction Type:Loan

Richard Mack, Shibber Khan, Adam Hakim, James Murad, and Craig D. Wood were involved in a recent first mortgage acquisition bridge loan transaction. The property involved in the deal is located at 30-77 Vernon Boulevard in Astoria, Queens, New York. The asset type of the property is a development site, with a size of 522,132 ZFA. The loan amount for the transaction was $65,000,000.

Summary of transaction details

  • Property Type: Dev Site
  • Transaction Amount: $65,000,000
  • Address: 30-77 Vernon Boulevard, Astoria, Queens, New York
  • Size: 522,132 ZFA
  • Borrower/Buyer: Cape Advisors – Craig D. Wood and Wainbridge Capital
  • Seller: Criterion Group

In addition to Craig D. Wood representing Cape Advisors and Wainbridge Capital as the buyer, other individuals involved in the deal include Richard Mack, Shibber Khan, Adam Hakim, and James Murad. The transaction was completed successfully, facilitating the acquisition of the development site by Cape Advisors and Wainbridge Capital from Criterion Group.

Players

CA
Cape Advisors
BUYER

Details

FINANCED
IMAGE: Richard Mack, Shibber Khan, Adam Hakim, James Murad and Craig D. Wood DATE: 04/25/2018 FINANCE: TRANSACTION TYPE: First Mortgage Acquisition Bridge Loan ADDRESS: 30-77 Vernon Boulevard Astoria, Queens CITY: New York ASSET TYPE: Dev Site LOAN AMOUNT: $65,000,000 SIZE: 522,132 ZFA BORROWER/BUYER: Cape Advisors – Craig D. Wood and Wainbridge Capital SELLER: Criterion Group […]

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$65,000,000.00

Monthly NOI$433,333.33
Monthly Debt Service$410,844.22
Change in Cash Flow$0.00
Refinance Proceeds$0.00