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
- Property Type: Development Site
- Transaction Amount: $40,000,000
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
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