Updated Oct 12, 2026
Sitex Group Secures $39.4M Refinance Loan From Lake Forest Bank For Industrial Property In Queens
58-80 Borden Avenue
$39,400,000
$1,246/SF
Building Size
31,600 SF
Asset Type
Industrial
Closing
Sep 15, 2026
About this deal
AI
The industrial property located at 58-80 Borden Avenue in Maspeth, Queens, encompasses a total square footage of 31,600. The refinancing transaction involved a loan amount of $39.4 million, which replaced existing debt originally issued by First Citizens Bank for $34.5 million.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $39,400,000
- Lender: Lake Forest Bank & Trust Company
- Landlord: Brian D. Milberg - Sitex Group
- Original Loan Amount: $34,500,000
Brian D. Milberg represents Sitex Group in this refinancing deal, facilitating the transition from the previous lender to Lake Forest Bank & Trust Company, thereby enabling the company to restructure its financing for the property.
On the Map
$39,400,000
$1,246/SF
Industrial
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Players
Avenue 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
0.40%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93