Argentic Provides $39M Loan To The Collective Living For Long Island City Hotel
35-02 37th Avenue, Long Island City, NY, USA
$39,000,000
$486/SF
Building Size
80,200 SF
Asset Type
Hotel
Closing
Apr 8, 2021
About this deal
AI
A hotel located at 35-02 37th Ave. in Long Island City, has been involved in a recent loan transaction. The loan was provided by Argentic to the landlord, @TheCollective_Living for a total amount of $39,000,000. The hotel has a total square footage of 80,200.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $39,000,000
- Address: 35-02 37th Ave.
- Market: Long Island City
Doug Tiesi and Reza Merchant were involved in the transaction as representatives. No further details about the individuals or companies involved in the deal were provided.
On the Map
$39,000,000
$486/SF
Hotel
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Players
Long Island City Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.41%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93