Balbir Sandhu & Surjeet Kaur Secure $11.8M Refinance Loan For Astoria Hotel From Preferred Bank
37-35 21st Street
$11,800,000
$1,814/SF
Building Size
6,504 SF
Asset Type
Hotel
Closing
Mar 5, 2025
About this deal
AI
The asset involved in this transaction is a hotel located at 37-35 21st Street in Astoria. The hotel encompasses a total square footage of 6,504 and has 52 keys. A refinance loan amounting to $11,800,000 was secured for this property.
Summary of transation details:
- Property Type: Hotel
- Transaction Amount: $11,800,000
- Loan Type: Refinance
- Loan Terms: 5 Years
- Lender: Preferred Bank
- Landlord: Balbir Sandhu & Surjeet Kaur
- Brokers: Yuvraj Chopra, Ravinder Chopra & Kuwar Chopra - STI Consultants
The unique contributors to this transaction include Yuvraj Chopra, Ravinder Chopra, and Kuwar Chopra, who represent the landlords in this deal through their roles at STI Consultants. Their firm specializes in structured lending solutions for various commercial assets, showcasing a successful track record in closing significant financing transactions across the United States.
On the Map
$11,800,000
$1,814/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
1.34%
Cash-on-Cash
-0.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93