Updated Oct 29, 2024
Triangle Equities Secures $32.1M Construction Loan For South Ozone Park Property
130-02 S Conduit Ave, Jamaica, NY 11430, USA
$32,100,000
$104/SF
Building Size
308,000 SF
Asset Type
Industrial
Closing
Nov 28, 2020
About this deal
AI
Triangle Equities has secured a $32.1 million construction loan for the property located at 130-120 South Conduit Avenue in South Ozone Park, NY. The loan was provided by citizens''>Citizens Bank, with Bruce Van Saun contributing $19 million, and L&B Realty Advisors, with Daniel L. Plumlee contributing $10.1 million.
Summary of transaction details:
- Property Type: Construction Loan
- Transaction Amount: $32.1 million
- Address: 130-120 South Conduit Avenue, South Ozone Park, NY
- Landlord: Triangle Equities - Lester Petracca
- Lender: Citizens Bank - Bruce Van Saun ($19 million) and L&B Realty Advisors - Daniel L. Plumlee ($10.1 million)
- Broker: HFF
The financing was secured by Triangle Equities, represented by Lester Petracca. Citizens Bank, represented by Bruce Van Saun, provided $19 million, while L&B Realty Advisors, represented by Daniel L. Plumlee, contributed $10.1 million. The deal was facilitated by HFF.
Players
South Ozone Park Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.49%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93