Updated Dec 19, 2024
VAJA Group Secures $70 Million Construction Loan From Be Aviv For Development Site In Astoria
35-10 12th Street
$70,000,000
Units
152
Asset Type
Development Site
Closing
Dec 12, 2024
About this deal
AI
The property asset involved in this transaction is a development site located at 35-10 12th Street in Astoria, Queens, which includes 152 units. The total loan amount secured for this project is $70 million, designated for construction purposes.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $70,000,000
- Address: 35-10 12th Street
- Market: Astoria, Queens
- Units: 152
- Lender: Ben Harlev - Be Aviv
- Landlord: Moses Freund - VAJA Group
- Loan Type: Construction
This loan transaction marks a significant engagement between VAJA Group and Be Aviv, with Moses Freund representing VAJA Group in securing the financial support needed for the development project at this location.
On the Map
$70,000,000
Development Site
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Players
Astoria Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.23%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93