Updated Feb 25, 2025
Mission Real Estate Funding Secures $11.29M Loan For Industrial Property Acquisition In Maspeth
44 21 54th Drive
$11,290,000
$490/SF
Building Size
23,000 SF
Asset Type
Industrial
Closing
Jan 30, 2025
About this deal
AI
The property asset involved in this transaction is located at 44-21 54th Drive in Maspeth. This industrial asset has a total square footage of 23,000 and involved a loan amount of $11,290,000, categorized as an acquisition type loan.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $11,290,000
- Address: 44-21 54th Drive
- Market: Maspeth
- Loan Type: Acquisition
- Broker: James Giordano & Dennis Mihalatos - Mission Real Estate Funding
James Giordano and Dennis Mihalatos represented the broker agency Mission Real Estate Funding in this successful transaction. They secured financing for their client through established relationships with trusted lenders, providing long-term financing for a business owner-occupied property.
On the Map
$11,290,000
$490/SF
Industrial
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Players
Maspeth 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
1.41%
Cash-on-Cash
-0.40%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93