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Tishman Speyer Secures $132.3M Construction Loan For Development Site In Edgemere, Queens
FINANCED
$132,300,000
New York
See Similar DealsDevelopment Site
Financed 06/26/2023
FINANCED
Tishman Speyer Secures $132.3M Construction Loan For Development Site In Edgemere, Queens
5119 Beach Channel Drive Queens, New York 11691, USA
See Similar DealsDevelopment Site
Financed 06/26/2023
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
Tishman Speyer has secured a $132.3 million new construction loan from NYC Housing Development Corporation for a 237-unit development site located at 5119 Beach Channel Drive in Edgemere, Queens. The development site spans 168,694 square feet and is expected to be used for the construction of residential units.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $132,300,000
- Units: 237
- Building Square Footage: 168,694
- Address: 5119 Beach Channel Drive, Edgemere, Queens
- Market: Edgemere, Queens
The loan has been provided by NYC Housing Development Corporation to support the development of the 237-unit project in Edgemere. Tishman Speyer, represented by Joseph G. Doran, will oversee the construction and development of the site.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$132,300,000.00
Monthly NOI$882,000.00
Monthly Debt Service$836,226.00
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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