FINANCEDHotel
Investors Bank Provides $24.5M Loan For Elmhurst Hotel At 79-00 Queens Blvd
79-00 Queens Boulevard, Elmhurst, Queens, NY, USA
$24,500,000
$278/SF
Building Size
88,000 SF
Asset Type
Hotel
Closing
Aug 30, 2021
AI
The hotel located at 79-00 Queens Boulevard in Elmhurst has been involved in a recent loan transaction. The property spans 88,000 square feet and comprises 215 units. The asset type is a hotel.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $24,500,000
- Market: Elmhurst
- Address: 79-00 Queens Boulevard
- Square Footage: 88,000
- Number of Units: 215
Investors Bank provided a loan of $24,500,000 for this property. The landlord involved in the transaction is David Levitan.
Players
Investors BankLender
New York 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
0.65%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93