Popular Bank Provides $11.8M Loan For Development Site In Kew Gardens
82-77 116th Street, Kew Gardens, NY, USA
$11,775,000
$267/SF
Building Size
44,000 SF
Asset Type
Development Site
Closing
Jul 30, 2020
AI
A development site in Kew Gardens, located at 82-77 116th Street, has recently secured a loan. The loan was facilitated by Popular Bank for a total amount of $11,775,000. The loan terms span a period of 24 months and were facilitated in conjunction with the Affordable Independent Residences for Seniors (AIRS) program, which is operated by the New York City Department of Housing Preservation and Development (HPD).
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $11,775,000
- Address: 82-77 116th Street
- Market: Kew Gardens
- Asset Type: Development Site (BSF: 44,000)
Steven Li is the landlord of the development site. The broker involved in the transaction is Michael Volpe from Highcap Group. For any financing needs or further information, interested parties can contact Michael Volpe, Director of Finance at Highcap Group, using the following contact details:
- Address: 12 W. 37th St., 4th Floor, NY 10018
- Phone: 646-568-8094
- Fax: 212-575-5851
- Mobile: 516-680-9293
- Email: [email protected]
- Website: www.highcapgroup.com
Players
New York Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.35%
Cash-on-Cash
-0.39%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93