Updated Sep 5, 2024
Sterling Bank Provides $9M Refinance Loan For Industrial Property At The Mill In Long Island City
46-24 28th Street, Queens, New York 11101, United States
$9,000,000
Building Size
—
Asset Type
Industrial
Closing
Jan 25, 2022
About this deal
AI
The Mill - 46-24 28th St, located in Long Island City, was the subject of a recent loan transaction. The industrial property, owned by Sean Torkian, secured a refinancing loan from Sterling Bank for a total of $9,000,000. This loan will provide financial support to the property.
Summary of transaction details:
- Property Type: Industrial
- Transaction Amount: $9,000,000
- Date: 01/26/2022
- Market: Long Island City
- Lender: Sterling Bank
- Landlord: Sean Torkian
- Brokers: David Oheb & Max Jacobson - Meridian Capital Group
David Oheb and Max Jacobson from Meridian Capital Group acted as the brokers in this transaction. For more information on how Meridian can assist with portfolio management, please contact David Oheb at 212-612-0193 or via email at [email protected].
On the Map
$9,000,000
Industrial
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Players
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
1.76%
Cash-on-Cash
-0.50%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93