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Israel Hirsch Secures $23.9 Million Loan From Popular Bank For 99-Unit Project In Far Rockaway
FINANCED
$23,900,000
New York
See Similar DealsLand
Financed 05/18/2026
FINANCED
Israel Hirsch Secures $23.9 Million Loan From Popular Bank For 99-Unit Project In Far Rockaway
137 Beach 30th Street
See Similar DealsLand
Financed 05/18/2026
Summary
NEW YORK
Asset Type:Land
Transaction Type:Loan
The property asset involved in this transaction is located at 137 Beach 30th Street, situated in the Far Rockaway market of Queens. The asset is characterized as land, with a buildable square footage of 52,619. A construction loan of $23.9 million was secured for the development of a planned 99-unit residential project on this site.
Summary of transaction details:
- Property Type: Land
- Transaction Amount: $23.9 million
- Address: 137 Beach 30th Street
- Market: Far Rockaway, Queens
- Buildable Square Footage: 52,619
- Lender: Popular Bank
- Landlord: Israel Hirsch
The transaction involved Israel Hirsch through Beach Development 30th LLC, who is leading the development effort for this project. Popular Bank served as the lender for the construction loan facilitating this residential initiative.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$23,900,000.00
Monthly NOI$159,333.33
Monthly Debt Service$151,064.26
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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