Updated Oct 28, 2024
RJ Capital Holdings Refinances Development Site In Forest Hills For $18M Loan From Valley National Bank
70-28 Grand Central Parkway, Queens, New York 11375, United States
$18,000,000
$111/SF
Building Size
161,910 SF
Asset Type
Development Site
Closing
Aug 1, 2022
About this deal
AI
A development site located at 70-28 Grand Central Parkway in Forest Hills has been refinanced for $18,000,000. The property, with a total square footage (BSF) of 161,910, was previously owned by RJ Capital Holdings.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $18,000,000
- Address: 70-28 Grand Central Parkway, Forest Hills
- Market: Forest Hills
- BSF: 161,910
- Lender: Valley National Bank
- Landlord: RJ Capital Holdings
- Loan Type: Refinance
Valley National Bank provided the refinancing for this development site. RJ Capital Holdings, the previous owner, agreed to the loan amount of $18,000,000. The property is situated in the Forest Hills market and spans a total of 161,910 square feet.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.88%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93