Updated Mar 11, 2025
Provident Bank Provides $35M Refinance Loan For Industrial Property In Melville
1770 Walt Whitman Road, Melville, New York 11747, United States
$35,000,000
$112/SF
Building Size
309,914 SF
Asset Type
Industrial
Closing
May 22, 2022
About this deal
AI
Provident Bank has provided a $35,000,000 loan for the refinancing of an industrial property located at 1770 Walt Whitman Rd. and 540 Broadhollow Rd. in Melville. The property spans 309,914 square feet and is situated in the Melville market.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $35,000,000
- Address: 1770 Walt Whitman Rd. & 540 Broadhollow Rd.
- Market: Melville
- Square Footage: 309,914
The loan, which is non-recourse, has a term of 10 years with a fixed rate. Thomas E. Didio Jr., Matthew Pizzolato, and Max Custer from JLL represented the borrower in the deal.
Players
Melville 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
0.45%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93