Engel Burman Secures $14M Permanent Loan For Industrial Property In Garden City
71 Clinton Road, Garden City, New York 11530, United States
$14,000,000
$78/SF
Building Size
178,600 SF
Asset Type
Industrial
Closing
Jun 7, 2022
AI
Adam Hakim, Andrew Iadeluca, James Murad, and Asher Urbach of Meridian Capital Group have secured a $14,000,000 permanent loan for an industrial property located at 71 Clinton Road in Garden City. The property spans 178,600 square feet and is owned by Engel Burman.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $14,000,000
- Address: 71 Clinton Road
- Market: Garden City
- Brokers: Adam Hakim, Andrew Iadeluca, James Murad, and Asher Urbach - Meridian Capital Group
This loan transaction was facilitated by Adam Hakim, Andrew Iadeluca, James Murad, and Asher Urbach of Meridian Capital Group. They successfully secured a permanent loan of $14,000,000 for Engel Burman's industrial property located at 71 Clinton Road in Garden City, spanning 178,600 square feet.
Players
Garden City 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
1.13%
Cash-on-Cash
-0.32%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93