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Bowery Residents’ Committee & Urban Builders Collaborative LLC Secures $101.4M Construction Loan From UMB Bank For Homeless Shelter In Long Island City
FINANCED
$101,400,000
New York
See Similar DealsDevelopment Site
Financed
FINANCED
Bowery Residents’ Committee & Urban Builders Collaborative LLC Secures $101.4M Construction Loan From UMB Bank For Homeless Shelter In Long Island City
38-80 11th Street
See Similar DealsDevelopment Site
Financed
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
The asset involved in this transaction is a development site located at 38-80 11th Street in Long Island City, Queens. The site has a building square footage of 110,511 and is designated for a construction project.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $101,400,000
- Lender: UMB Bank
- Landlord: Bowery Residents’ Committee & Urban Builders Collaborative LLC
- Loan Type: Construction
The transaction represents a significant partnership between Bowery Residents’ Committee and Urban Builders Collaborative LLC, who obtained the construction loan from UMB Bank to finance the development of a 150-unit homeless shelter at the site.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$101,400,000.00
Monthly NOI$676,000.00
Monthly Debt Service$640,916.98
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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