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
$101,400,000
Building Size
—
Asset Type
Development Site
Closing
Feb 1, 2026
AI
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.
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
0.16%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93