Updated Mar 11, 2025
MSD Partners LP Provides $165M Bridge Loan For Development Site In Long Island City
44-02 Vernon Boulevard, Queens, New York 11101, United States
$165,000,000
$137/SF
Building Size
1,200,000 SF
Asset Type
Development Site
Closing
Mar 4, 2022
About this deal
AI
A development site located at 44-02 Vernon Boulevard in Long Island City has been involved in a closed transaction, as reported on Instagram. This development site spans an area of 1,200,000 square feet and is situated in the Long Island City market.
Summary of Transaction Details:
- Property Type: Development Site
- Transaction Amount: $165,000,000
- Date: 03/05/2022
The loan for this transaction was provided by MSD Partners LP, and the loan type is Bridge. The brokers involved in this deal are Adam Hakim & James Murad from Meridian Capital Group.
Adam Hakim & James Murad from Meridian Capital Group represented the parties involved in this transaction as the brokers.
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
0.10%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93