Tommy Truong Secures $4.8 Million Construction Loan For Development Site In Woodside
37 55 61st Street
$4,800,000
$400/SF
Building Size
12,000 SF
Asset Type
Development Site
Closing
Mar 5, 2025
AI
The property asset involved in this transaction is a development site located at 37-55 61st Street, Woodside. The total square footage of the site is 12,000, featuring a construction loan amount of $4,800,000. The asset aims to support a four-story mixed-use project that will include 11 residential units and 1 large ground floor commercial unit.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $4,800,000
- Address: 37-55 61st Street
- Market: Woodside
- Asset Size: 12,000 SF
- Landlord: Tommy Truong
- Broker: Michael Volpe - Highcap Group
- Loan Type: Construction
The key individuals involved in this deal include landlord Tommy Truong and broker Michael Volpe, who is with Highcap Group. The loan secured is specifically for the construction of the proposed mixed-use project on the site.
Players
Woodside 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
3.30%
Cash-on-Cash
-0.94%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93