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First Citizens Bank Provides $19.5M Construction Loan For Holbrook Logistics Center In Long Island

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FINANCED
$19,500,000
Jon Mikula
Michael Lachs
PT

New York

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Development Site108,023 SF
Financed 06/22/2023
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Property Image
FINANCED

First Citizens Bank Provides $19.5M Construction Loan For Holbrook Logistics Center In Long Island

4955 Veterans Memorial Hwy Holbrook, NY 11741, USA

See Similar Deals
Development Site108,023 SF
Financed 06/22/2023
Jon Mikula
Michael Lachs
PT
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$180
Total Square Footage:108,023 SF
Transaction Type:Loan

A $19.5 million construction loan has been provided by First Citizens Bank for the development of Holbrook Logistics Center in Long Island, New York. The development site, located at 4955 Veterans Memorial Highway, spans 108,023 square feet and is owned by an affiliate of Eagle Cliff Real Estate Partners, represented by Paul Teti as the landlord.

Summary of transaction details:

Holbrook Logistics Center benefits from its strategic location near Long Island's MacArthur Airport and convenient access to major highways, making it an attractive distribution center.

Players

Michael Lachs
JLL
Michael Lachs
26 deals$1.8B volume(312) 782-5800
BROKER
Jon Mikula
JLL
Jon Mikula
42 deals$1.8B volume(973) 549-2006
BROKER
First Citizens Bank
First Citizens Bank
LENDER
PT
Paul Teti
2 deals$49.5M volume
LANDLORD

Details

FINANCED
IMAGE: Michael Lachs, Paul Teti & Jon Mikula DATE: 06/22/2023 ADDRESS: 4955 Veterans Memorial Highway MARKET: Long Island ASSET TYPE: Development Site ~ BSF: 108,023 LENDER: First Citizens Bank LANDLORD: Affiliate of Eagle Cliff Real Estate Partners - Paul Teti BROKERS: Jon Mikula & Michael Lachs - JLL LOAN AMOUNT: $19,500,000 LOAN TYPE: Construction NOTE: First Citizens Bank has provided a $19.5 million construction loan for the development of Holbrook Logistics Center in Long Island, New York. The 108,000-square-foot distribution center, being built by an affiliate of Eagle Cliff Real Estate Partners, benefits from its strategic location near Long Island's MacArthur Airport and convenient access to major highways.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$19,500,000.00

Monthly NOI$130,000.00
Monthly Debt Service$123,253.26
Change in Cash Flow$0.00
Refinance Proceeds$0.00