Updated Apr 2, 2026
Century Development Group Secures $9M Acquisition Loan From MidFirst Bank For Long Island City Site
10-38 45th Road
$9,000,000
Building Size
—
Asset Type
Distribution Center
Closing
Mar 25, 2026
About this deal
AI
The asset involved in the transaction is a distribution center located at 10-38 45th Road in Long Island City. The acquisition loan amount secured for this property is $9,000,000, backed by MidFirst Bank.
Summary of transaction details:
- Property Type: Distribution Center
- Transaction Amount: $9,000,000
- Lender: MidFirst Bank
- Brokers: Morris Betesh, Omar Ferreira, Jacob Petrovic & Jonah Schultz - Arrow Real Estate Advisors
- Borrower: Century Development Group
Arrow Real Estate Advisors facilitated the acquisition financing for Century Development Group, enabling the successful transaction through their representation. The deal showcases the collaborative efforts of experienced brokers in the Long Island City market.
On the Map
$9,000,000
Distribution Center
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Players
Long Island City Distribution Center Market Snapshot
Boundary boundary · Distribution Center · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.76%
Cash-on-Cash
-0.50%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93