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Flushing Avenue

OceanFirst Bank Provides $10M Refinance Loan For Industrial Property In Maspeth
FINANCEDIndustrial

OceanFirst Bank Provides $10M Refinance Loan For Industrial Property In Maspeth

Flushing Avenue

$10,000,000

$107/SF

Building Size

93,000 SF

Asset Type

Industrial

Closing

Nov 10, 2022

AI

An industrial property located on Flushing Avenue in Maspeth has recently undergone a loan transaction. The property spans over 93,000 square feet and falls under the industrial asset type category.

Summary of transaction details:

The loan amount for this transaction was $10,000,000, and it was a refinancing loan. OceanFirst Bank served as the lender for this deal. Morris Diamant & David Liechtung from Meridian Capital Group acted as the brokers representing the parties involved in the transaction.

Players

Morris Diamant

Meridian Capital Group

Broker

$543.3M

vol

25 deals

Broker
Ocean First Bank
Ocean First BankLender

New York 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

1.59%

Cash-on-Cash

-0.45%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93