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46-24 28th Street, Queens, ...

Sterling Bank Provides $9M Refinance Loan For Industrial Property At The Mill In Long Island City
FINANCEDIndustrial

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

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:

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].

Players

David Oheb
Verified Badge

David Oheb

Meridian Capital Group

Broker

$863.7M

vol

78 deals

Broker
Sterling Bank
Sterling BankLender

New York Industrial Market Snapshot

Boundary boundary · Industrial · Loan transactions

Loading comparables…

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