Kriss Capital Closes $31.5M Construction Loan For Mixed-Use Property In Long Island City
FINANCED
$31,500,000
New York
See Similar DealsMixed-use88,000 SF
Financed 08/25/2022
FINANCED
Kriss Capital Closes $31.5M Construction Loan For Mixed-Use Property In Long Island City
09 40th Avenue
See Similar DealsMixed-use88,000 SF
Financed 08/25/2022
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$358
Total Square Footage:88,000 SF
Transaction Type:Loan
Located at 27-09 40th Ave. in Dutch Kills, Long Island City, this mixed-use property spans approximately 88,000 square feet. The transaction took place on August 25, 2022.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $31,500,000
- Address: 27-09 40th Ave.
- Market: Dutch Kills, Long Island City
- Asset Size: 88,000 square feet
The loan for this transaction was provided by Kriss Capital - Jody Kriss & Mark Luehring-Jones. The lender demonstrated their commitment to lending on high-quality developments by closing this $31,500,000 construction loan during a tumultuous time in the debt markets. The landlord, First Elite Management, is represented by Gus Vorillas. The brokers who facilitated the deal were Dan Israel & Stephen Rodriguez from Big Think Capital.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$31,500,000.00
Monthly NOI$210,000.00
Monthly Debt Service$199,101.43
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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