GTJ REIT's 23-85 87th LLC Secures $113.5M Refinance Loan In Queens
23-25 87th Street
$113,500,000
$1,363/SF
Building Size
83,270 SF
Asset Type
Industrial
Closing
Mar 15, 2024
AI
The industrial properties in Jackson Heights, Queens and East New York, Brooklyn, including buildings at 23-25 87th Street, have a total square footage of 83,270 and a building square footage of 807,680. GTJ REIT, represented by Paul Cooper, secured a refinance loan amounting to $113,500,000 from Blackstone Group and American International Group (AIG).
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $113,500,000
- Address: 23-25 87th Street
- Market: Jackson Heights, Queens
- Lender: Kevin Pivnick - Blackstone Group & American International Group (AIG)
- Landlord: Paul Cooper - GTJ REIT
The refinance loan was facilitated by American General Life Insurance Company on behalf of GTJ REIT through GWL 23-85 87th LLC. Paul Cooper from GTJ REIT and Kevin Pivnick from Blackstone Group were integral in finalizing this significant transaction.
Players
East Elmhurst 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
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93