Investors Bank Provides $22.7M Construction Loan For Development Site In Astoria
24th Street, Astoria, NY, USA
$22,700,000
$971/SF
Building Size
23,359 SF
Asset Type
Development Site
Closing
Aug 5, 2021
AI
The development site located at 37-24 & 37-28 30th Street in Astoria has been involved in a recent loan transaction. The property spans 23,359 square feet and consists of 32 units. The lender, Investors Bank, provided a construction loan in the amount of $22,700,000 to the landlord, Park Construction Corp.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $22,700,000
- Address: 37-24 & 37-28 30th Street
- Market: Astoria
- Square Footage: 23,359
- Units: 32
- Lender: Investors Bank
- Landlord: Park Construction Corp.
Investors Bank acted as the lender, providing a construction loan to Park Construction Corp. for the development site in Astoria. This loan will support the construction and development of the property, allowing for the creation of the 32 residential units.
Players
New York 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
0.70%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93