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Investors Bank Provides $22.7M Construction Loan For Development Site In Astoria

Property Image
FINANCED
$22,700,000

New York

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Development Site23,359 SF
Financed 08/06/2021
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Property Image
FINANCED

Investors Bank Provides $22.7M Construction Loan For Development Site In Astoria

24th Street, Astoria, NY, USA

See Similar Deals
Development Site23,359 SF
Financed 08/06/2021
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$971
Total Square Footage:23,359 SF
Transaction Type:Loan

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

Investors Bank
Investors Bank
LENDER
PC
Park Construction Corp.
LANDLORD

Details

FINANCED
IMAGE: 08/06/2021 ADDRESS: 37-24 & 37-28 30th Street MARKET: Astoria ASSET TYPE: Development Site ~ SF: 23,359 ~ UNITS: 32 LENDER: Investors Bank LANDLORD: Park Construction Corp. LOAN AMOUNT: $22,700,000 LOAN TYPE: Construction

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$22,700,000.00

Monthly NOI$151,333.33
Monthly Debt Service$143,479.44
Change in Cash Flow$0.00
Refinance Proceeds$0.00