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93-90 93rd St, Queens, NY 1...

Meridian Capital Group Brokers $40M Acquisition Loan For Development Site At 93-30 93rd Street In Queens
FINANCEDDevelopment Site

Meridian Capital Group Brokers $40M Acquisition Loan For Development Site At 93-30 93rd Street In Queens

93-90 93rd St, Queens, NY 11374

$40,000,000

Building Size

Asset Type

Development Site

Closing

May 19, 2023

AI

The development site located at 93-30 93rd Street in Queens, New York City has undergone a closed transaction. The property has an address of 93-30 93rd Street and is situated in Queens, New York City. It is categorized as a development site and was involved in an acquisition deal.

Summary of transaction details

The lender involved in this transaction was Maxim Capital, represented by Adam Glick and Josh Greene. The loan amount provided by Maxim Capital for the acquisition deal was $40,000,000. The landlord, United Construction & Development Group, represented by Chris Xu, participated in the transaction. The brokers involved in the deal were Morris Betesh and Omar Ferreira from Meridian Capital Group.

Players

Morris Betesh

Arrow Real Estate Advisors

Broker

$12.4B

vol

214 deals

Broker
Meridian Capital Group
Meridian Capital GroupBrokerage
Maxim Capital Group
Maxim Capital GroupLender

Chris Jiashu Xu

United Construction & Development Group

Landlord

$655.9M

vol

22 deals

Landlord

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

0.40%

Cash-on-Cash

-0.11%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93