Pacific National Bank Refinances Development Site In Jackson Heights For $12.5M

A development site located at 72-11 Roosevelt Avenue in Jackson Heights with a building square footage of 25,232 and a buildable square footage of 166,468 was involved in a recent transaction. The loan amount for this property amounted to $12,500,000 provided by Pacific National Bank through a refinance loan with terms set at 2 years on an interest-only repayment schedule.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $12,500,000
• Address: 72-11 Roosevelt Avenue
• Market: Jackson Heights
• Asset Type: Development Site
• Building Square Footage: 25,232
• Buildable Square Footage: 166,468
• Lender: Pacific National Bank
• Brokers: Avi Weinstock, Ariel Forman & Chaim Tessler - Meridian Capital Group
• Loan Type: Refinance
• Loan Terms: 2 years, Interest-Only

The transaction was facilitated by brokers Avi Weinstock, Ariel Forman, and Chaim Tessler from Meridian Capital Group. These professionals played a crucial role in securing the refinance loan for the development site, highlighting their expertise in real estate financing deals.