Meridian Capital Group Secures $40.5M Refinance Loan For Queens Hotel And Retail Property
33-36 Farrington St Flushing, NY 11354, USA
$40,500,000
$194/SF
Building Size
208,793 SF
Asset Type
Hotel
Closing
Jul 7, 2023
About this deal
AI
A hotel, retail, community facility, and garage property located at 33-36 Farrington Street in Queens, NY has recently undergone a $40,500,000 loan refinancing. This property consists of 11 commercial spaces and 229 parking spaces, with a total square footage of 208,793. The property includes 210 keys, providing ample accommodation for guests.
Summary of transaction details
- Property Type: Hotel, Retail, Community Facility, and Garage
- Transaction Amount: $40,500,000
- Address: 33-36 Farrington Street, Queens, NY
- Market: Queens, NY
- Brokers: Morris Betesh & Omar Ferreira - Meridian Capital Group
- Total Square Footage: 208,793
- Total Keys: 210
Meridian Capital Group, represented by brokers Morris Betesh and Omar Ferreira, facilitated the refinancing of this property. The loan amount of $40,500,000 will contribute to the ongoing operations and development of the hotel, retail, community facility, and garage complex at 33-36 Farrington Street in Queens, NY.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.39%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93