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Triangle Equities Secures $32.1M Construction Loan For South Ozone Park Property

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FINANCED
$32,100,000

New York

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Industrial308,000 SF
Financed 11/29/2020
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FINANCED

Triangle Equities Secures $32.1M Construction Loan For South Ozone Park Property

130-02 S Conduit Ave, Jamaica, NY 11430, USA

See Similar Deals
Industrial308,000 SF
Financed 11/29/2020
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Summary

NEW YORK
Asset Type:Industrial
Price Per Square Foot:$104
Total Square Footage:308,000 SF
Transaction Type:Loan

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

LENDER

Details

FINANCED
IMAGE: Bruce Van Saun and Lester Petracca FINANCED: TYPE: Construction Loan ADDRESS: 130-120 South Conduit Avenue in South Ozone Park, NY LANDLORD: Triangle Equities – Lester Petracca LENDER: @CitizensBank – Bruce Van Saun (19M) and L&B Realty Advisors – Daniel L. Plumlee ($10.1M) BROKER: HFF AMOUNT: $32.1M NOTES: Triangle Equities has secured a $32.1 million […]

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$32,100,000.00

Monthly NOI$214,000.00
Monthly Debt Service$202,893.84
Change in Cash Flow$0.00
Refinance Proceeds$0.00