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Tommy Truong Secures $4.8 Million Construction Loan For Development Site In Woodside

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FINANCED
$4,800,000

New York

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Development Site12,000 SF
Financed 03/05/2025
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Property Image
FINANCED

Tommy Truong Secures $4.8 Million Construction Loan For Development Site In Woodside

37 55 61st Street

See Similar Deals
Development Site12,000 SF
Financed 03/05/2025
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Development Site
Price Per Square Foot:$400
Total Square Footage:12,000 SF
Transaction Type:Loan

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

Michael Volpe
Highcap Group
Michael Volpe
19 deals$84M volume
BROKER

Details

FINANCED
IMAGE: Michael Volpe DATE: 03/05/2025 ADDRESS: 37-55 61st Street MARKET: Woodside ASSET TYPE: Development Site ~ SF: 12,000 LANDLORD: Tommy Truong BROKER: Michael Volpe (@VolpeMV14) - Highcap Group (@Highcap_Group) LOAN AMOUNT: $4,800,000 LOAN TYPE: Construction NOTE FROM BROKER: Construction loan for 12,000 SF, 4 story mixed use project containing 11 residential units and 1 large ground floor commercial unit

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$4,800,000.00

Monthly NOI$32,000.00
Monthly Debt Service$30,339.27
Change in Cash Flow$0.00
Refinance Proceeds$0.00