Updated Nov 28, 2024
Tishman Speyer Secures $132.3M Construction Loan For Development Site In Edgemere, Queens
5119 Beach Channel Drive Queens, New York 11691, USA
$132,300,000
Units
237
Asset Type
Development Site
Closing
Jun 26, 2023
About this deal
AI
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.
On the Map
$132,300,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.12%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93