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
About this deal
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.
The hotel loan at 79-00 Queens Boulevard, Elmhurst, Queens, NY, USA in Queens, New York financed for $24.5M in 2021. Reported inventory is 88,000 square feet across 215 units, or about 278 per square foot. Named participants on the 79-00 Queens Boulevard, Elmhurst, Queens, NY, USA loan are David Levitan. This page is the Queens, New York file for the 79-00 Queens Boulevard, Elmhurst, Queens, NY, USA hotel financed: pricing, party profiles, and other closed hotel comps from the same Queens sit in the Market section below. Filter that Queens hotel set by closing date to see what else financed near 79-00 Queens Boulevard, Elmhurst, Queens, NY, USA around 2021. Published consideration for 79-00 Queens Boulevard, Elmhurst, Queens, NY, USA is $24.5M, dated 2021. Cite this Investors Bank Provides $24.5M Loan For Elmhurst Hotel At 79-00 Queens Blvd loan when underwriting similar hotel product around Queens, New York.
On the Map
$24,500,000
$278/SF
Hotel
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Players
Queens 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