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Lionheart Strategic Management Provides $111.3 Million Loan For Mineola Development Site
FINANCED
$111,300,000
New York
See Similar DealsDevelopment Site
Financed 06/09/2026
FINANCED
Lionheart Strategic Management Provides $111.3 Million Loan For Mineola Development Site
212 3rd Street
See Similar DealsDevelopment Site
Financed 06/09/2026
Summary
NEW YORK
Asset Type:Development Site
Transaction Type:Loan
The property asset involved is a development site located at 212 3rd Street in Mineola. It is set for a nine-story condo development named The Bridge, comprising 101 units. The construction financing secured for this project amounts to $111.3 million.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $111,300,000
- Address: 212 3rd Street
- Market: Mineola
- Lender: Lionheart Strategic Management
- Broker: Gideon Gil, Taylor Geiger & Cecelia Galligan - Cushman & Wakefield
- Loan Type: Construction
- Project Cost: $130 million
The deal was arranged by Cushman & Wakefield for developers AJM Real Estate and Burman Real Estate. The site is conveniently located across from the Long Island Rail Road station, enhancing its accessibility for future residents.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$111,300,000.00
Monthly NOI$742,000.00
Monthly Debt Service$703,491.71
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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