Slate Property Group And White Oak Real Estate Capital Provide $70M Loan For Development Site In Long Island
41-08 Crescent Street
$70,000,000
Units
184
Asset Type
Development Site
Closing
Dec 10, 2024
AI
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
Astoria 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
0.23%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93