GTJ REIT's Edgemere Industrial Property Refinanced With $136M Loan From AIG
49-19 Rockaway Beach Boulevard, Queens, New York 11691, United States
$136,210,576
$4,262/SF
Building Size
31,957 SF
Asset Type
Industrial
Closing
Aug 4, 2022
AI
Located at 49-19 Rockaway Beach Blvd in Edgemere, this industrial property spans approximately 31,957 square feet. The asset, which was recently involved in a closed transaction, has been refinanced.
Summary of transation details
- Property Type: Industrial
- Transaction Amount: $136,210,576
- Address: 49-19 Rockaway Beach Blvd
- Market: Edgemere
- Lender: AIG - Michael Medvin
- Landlord: GTJ REIT - Paul Cooper
The deal was structured with AIG, represented by Michael Medvin, as the lender. The landlord, GTJ REIT, was represented by Paul Cooper. The refinancing loan amount was $136,210,576.
Players
New York Industrial Market Snapshot
Boundary boundary · Industrial · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.12%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93