Updated Mar 24, 2025
Diamond National Investments Secures $59.5 Million Construction Loan From Popular Bank For Development Site
Beach 116 Street
$59,500,000
$1,859/SF
Building Size
32,000 SF
Asset Type
Development Site
Closing
Feb 28, 2025
About this deal
AI
A development site located on Beach 116 Street in the Rockaway Park market is involved in this transaction. The site is funded through a construction loan of $59,500,000.00 secured from Popular Bank. The loan features terms of 24 months at SOFR + 350.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $59,500,000.00
- Lender: Popular Bank
- Landlord: Diamond National Investments
- Loan Type: Construction
- Loan Terms: 24 Month - SOFR + 350
The deal is represented by Diamond National Investments, serving as the landlord in this transaction. Key financial aspects include the significant construction loan arranged to support the development efforts at the site.
On the Map
$59,500,000
$1,859/SF
Development Site
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Players
Rockaway Park 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
0.27%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93