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Slate Property Group And White Oak Real Estate Capital Provide $70M Loan For Development Site In Long Island

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FINANCED
$70,000,000

New York

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Development Site
Financed 12/10/2024
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Property Image
FINANCED

Slate Property Group And White Oak Real Estate Capital Provide $70M Loan For Development Site In Long Island

41-08 Crescent Street

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Development Site
Financed 12/10/2024
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Transaction Type:Loan

The asset involved in this transaction is a development site located at 41-08 Crescent Street in Long Island City, with an area of 192,000 BSF designed for a multifamily project consisting of 184 units.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $70,000,000
  • Lender: Eric Tanjeloff & Andre A. Hakkak - White Oak Real Estate Capital; Daniel Ridloff & Martin Nussbaum - Slate Property Group
  • Landlord: Wolfe Landau - Watermark Capital Group
  • Loan Type: Construction

This transaction was facilitated by the collaboration between White Oak Real Estate Capital and Slate Property Group, who provided the construction loan to Watermark Capital Group. Eric Tanjeloff and Andre A. Hakkak represented White Oak Real Estate Capital, while Daniel Ridloff and Martin Nussbaum represented Slate Property Group in the deal.

Players

White Oak Real Estate Capital
White Oak Real Estate Capital
LENDER
Slate Property Group
Slate Property Group
LENDER

Details

FINANCED
IMAGE: Eric Tanjeloff, Andre A. Hakkak, Martin Nussbaum & Daniel Ridloff DATE: 12/10/2024 ADDRESS: 41-08 Crescent Street MARKET: Long Island ASSET TYPE: Development Site ~ BSF: 192,000 LENDER: Eric Tanjeloff & Andre A. Hakkak - White Oak Real Estate Capital; Daniel Ridloff & Martin Nussbaum - Slate Property Group (@SlatePropertyGroup) LANDLORD: Wolfe Landau - Watermark Capital Group (@WatermarkCapital) LOAN AMOUNT: $70,000,000 LOAN TYPE: Construction NOTE: Slate Property Group and White Oak Real Estate Capital provided Watermark Capital Group with a $70M construction loan for its 184-unit multifamily project at 41-08 Crescent Street in Long Island City.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$70,000,000.00

Monthly NOI$466,666.67
Monthly Debt Service$442,447.62
Change in Cash Flow$0.00
Refinance Proceeds$0.00