Maxim Capital Provides $7M Bridge Loan For Astoria Development Site

Located in Astoria, the development site at 3075 21st Street has recently undergone a closed transaction. The property boasts a buildable square footage (BSF) of 40,000, making it an attractive opportunity for developers in the area.

Summary of transaction details:

• Property Type: Development Site
• Transaction Date: 01/20/2022
• Address: 3075 21st Street
• Market: Astoria
• Asset Type: Development Site
• BSF: 40,000

Janos Kanta, the landlord, facilitated this closed transaction. The financing for the deal was provided by Maxim Capital, with Josh Greene and Adam Glick representing the lender. Acting as the broker for the transaction was Peter Cohen from Leviathan Capital.

The loan amount for the transaction was $7,000,000, classified as a bridge loan. This financial arrangement provides short-term funding to bridge the gap between the purchase of the development site and securing long-term financing options.