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Connect One Bank Provides $1.6M Loan For Long Island City Development Site At 34-29 37th Street

Property Image
FINANCED
$1,600,000
Michael Volpe
NL

New York

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Development Site18,000 SF
Financed 12/29/2020
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Property Image
FINANCED

Connect One Bank Provides $1.6M Loan For Long Island City Development Site At 34-29 37th Street

34-29 37th Street, Long Island City, Queens, NY, USA

See Similar Deals
Development Site18,000 SF
Financed 12/29/2020
Michael Volpe
NL
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$88
Total Square Footage:18,000 SF
Transaction Type:Loan

A development site in Long Island City has been secured with a loan from Connect One Bank. The property, located at 34-29 37th Street, is a development site with a buildable square footage of 18,000. The loan amount for the transaction is $1,600,000, with a term of 18 months and an interest rate of 5.25%.

Summary of transaction details

  • Property Type: Development site
  • Transaction Amount: $1,600,000
  • Address: 34-29 37th Street
  • Market: Long Island City
  • Loan Provider: Connect One Bank

Nelson Leong, the landlord, represented by Michael Volpe from Highcap_Group, facilitated the transaction. Nelson Leong is a key figure in this deal, and his representative, Michael Volpe, played a crucial role in negotiating the terms and securing the loan from Connect One Bank.

Players

Michael Volpe
Highcap Group
Michael Volpe
19 deals$84M volume
BROKER
NL
Nelson Leong
3 deals$7.6M volume
LANDLORD

Details

FINANCED
IMAGE: Nelson Leong & Michael Volpe DATE: 12/29/2020 ADDRESS: 34-29 37th Street MARKET: Long Island City ASSET TYPE: Development site ~ BSF: 18,000 LENDER: Connect One Bank LANDLORD: Nelson Leong @NeLeong6 BROKERS: Michael Volpe @VolpeMV14 - @Highcap_Group AMOUNT: $1,600,000 TERMS: 18 months RATE: 5.25%

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$1,600,000.00

Monthly NOI$10,666.67
Monthly Debt Service$10,113.09
Change in Cash Flow$0.00
Refinance Proceeds$0.00