Updated Oct 29, 2024
HK Development Inc Secures $20M Construction Loan For Flushing Development Site
31 35 137th Street Flushing, New York 11354, Usa
$20,000,000
Units
56
Asset Type
Development Site
Closing
Jun 1, 2023
About this deal
AI
A new construction loan valued at $20 million has been secured by Jianzhong Zhan, operating under American HK Development Inc., for a project located at 31-35 137th Street in Flushing, Queens. The project involves the construction of a 56-unit residential building spanning 50,455 square feet.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $20,000,000
- Address: 31-35 137th Street, Flushing, Queens
- Market: Flushing, Queens
- Loan Type: Construction
- Lender: Cathay Bank
- Landlord: HK Development Inc - Jianzhong Zhan
Jianzhong Zhan, operating under American HK Development Inc., successfully secured the construction loan from Cathay Bank for the development project at 31-35 137th Street in Flushing, Queens. The loan will be used to fund the construction of the 56-unit residential building, which will span an impressive 50,455 square feet.
Players
Robbins Development Site Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.79%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93