SecureCom Group's Brian McLaughlin Secures $1.55M Loan From NewBank USA For College Point Industrial Property
15 05 132nd Street
$1,550,000
$242/SF
Building Size
6,400 SF
Asset Type
Industrial
Closing
Jun 30, 2025
AI
An acquisition loan was secured for a commercial condominium located at 15-05 132nd Street, College Point, NY. The transaction amount was $1,850,000, and the loan amount was $1,550,000. The asset type is industrial, covering a square footage of 6,400. The financing provided by NewBank includes 85% loan-to-value (LTV) and has a term of 25 years, fully amortized.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $1,850,000
- Loan Amount: $1,550,000
- Loan Type: Acquisition
- Loan Terms: 25 Years
- Lender: Matthew Kang - NewBank USA
- Landlord: SecureCom Group - Brian McLaughlin
- Broker: Mercedes Santana - Santana Property Group
- Mortgage Broker: Guadalupe Phu - Heartland Mortgage
Matthew Kang served as the loan officer for this transaction, while Guadalupe Phu acted as the mortgage broker, facilitating the financing details. Mercedes Santana represented the interests of Santana Property Group in the transaction, ensuring the process progressed smoothly for the involved parties.
Players
College Point 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
10.23%
Cash-on-Cash
-2.92%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93