Kriss Capital Closes $31.5M Construction Loan For Mixed-Use Property In Long Island City
09 40th Avenue
$31,500,000
$358/SF
Building Size
88,000 SF
Asset Type
Mixed-use
Closing
Aug 25, 2022
About this deal
AI
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
New York Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.50%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93