Updated Sep 22, 2026
FINANCEDDevelopment Site
Elichai Pariente Of EMP Capital Group Secures $86.5M Construction Loan From Dennis Lopez Of QuadReal Property Group
37-09 36th Avenue & 35-43 37th Street
$86,500,000
Units
99
Asset Type
Development Site
Closing
Sep 8, 2026
About this deal
AI
The property asset involved is a development site located at 37-09 36th Avenue and 35-43 37th Street in Astoria, Queens. The transaction concerns two 99-unit residential projects and a construction loan amounting to $86.5 million.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $86,500,000
- Lender: Dennis Lopez - QuadReal Property Group
- Landlord: Elichai Pariente - EMP Capital Group
- Loan Type: Construction
This deal features key individuals, with Dennis Lopez representing the lending side and Elichai Pariente as the landlord representing EMP Capital Group. QuadReal Property Group provided the financing for the construction of the residential projects noted.
On the Map
$86,500,000
Development Site
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Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93