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SK Development And CB Developers Secure $37.2 Million Refinance Loan From Allegiant Real Estate Capital
FINANCED
$37,200,000
New York
See Similar DealsDevelopment Site
Financed 10/29/2025
FINANCED
SK Development And CB Developers Secure $37.2 Million Refinance Loan From Allegiant Real Estate Capital
Beach 169th Street
See Similar DealsDevelopment Site
Financed 10/29/2025
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
The asset involved in the transaction is a development site located at 402 Garage Beach 169th Street in Breezy Point, Queens. The site was refinanced with a loan amounting to $37,200,000. The lender for this transaction is Allegiant Real Estate Capital, which replaced prior debt from Procida Funding.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $37,200,000
- Lender: Allegiant Real Estate Capital
- Landlord: Abe Shnay & Scott Shnay - SK Development & Charles Blaichman - CB Developers
- Loan Type: Refinance
The key individuals in this transaction include Abe Shnay and Scott Shnay representing SK Development, alongside Charles Blaichman from CB Developers. Their collaboration enabled the refinancing process for the Breezy Point development site.
Players
LANDLORD
LANDLORD
LANDLORD
LANDLORD
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$37,200,000.00
Monthly NOI$248,000.00
Monthly Debt Service$235,129.30
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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