First Citizens Bank Provides $66.1 Million Construction Financing For ZD Jasper Realty Development Site
FINANCED
$66,100,000
+ 4
New York
See Similar DealsDevelopment Site
Financed
FINANCED
First Citizens Bank Provides $66.1 Million Construction Financing For ZD Jasper Realty Development Site
64 11 Queens Boulevard
See Similar DealsDevelopment Site
Financed
+ 4
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
The development site located at 64-11 Queens Boulevard in the Woodside market comprises a Building Square Footage of 175,000. The construction loan provided by First Citizens Bank is valued at $66,100,000.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $66,100,000
- Lender: First Citizens Bank
- Landlord: ZD Jasper Realty
- Sales Brokers: Stephen R. Preuss Sr. & Andreas Efthymiou - Ripco
- Financial Brokers: Adam Hakim, James Murad, Michael Winter, Evan Brudnicki & Alexander Korolik - Ripco
RIPCO's Investment Sales team facilitated an $18.6 million sale of the site, representing both the buyer and seller, while the firm's Debt & Structured Finance team secured the construction financing for the project.
Players
BROKERAGE
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$66,100,000.00
Monthly NOI$440,666.67
Monthly Debt Service$417,796.96
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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