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Ira Schwartz Secures $43M Construction Loan For Development Site In Arverne, Queens
FINANCED
$43,000,000
New York
See Similar DealsDevelopment Site
Financed 12/06/2023
FINANCED
Ira Schwartz Secures $43M Construction Loan For Development Site In Arverne, Queens
350 Beach 79th Street
See Similar DealsDevelopment Site
Financed 12/06/2023
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
An entity represented by Ira Schwartz, 79 Arverne Development LLC, secured a $43 million construction loan from Flushing Bank for a development site located at 350 Beach 79th Street in Arverne, Queens. The site is a development site with a buildable square footage (BSF) of 107,537.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $43,000,000
- Address: 350 Beach 79th Street, Arverne, Queens
- Market: Arverne, Queens
- Lender: Flushing Bank
- Landlord: Ira Schwartz
- Loan Type: Construction
In this deal, Ira Schwartz, representing 79 Arverne Development LLC, successfully secured a $43 million construction loan from Flushing Bank. The loan will be used for the development of the property located at 350 Beach 79th Street in Arverne, Queens.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$43,000,000.00
Monthly NOI$286,666.67
Monthly Debt Service$271,789.25
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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