Updated Jun 10, 2026
Lionheart Strategic Management Provides $111.3 Million Loan For Mineola Development Site
212 3rd Street
$111,300,000
Units
101
Asset Type
Development Site
Closing
Jun 9, 2026
About this deal
AI
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.
On the Map
$111,300,000
Development Site
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93