Terra Developers Secures $70 Million Construction Loan From Maxim Capital Group For Mixed-use Asset
11 33 44th Drive
$70,000,000
$602/SF
Building Size
116,187 SF
Asset Type
Mixed-use
Closing
Jan 29, 2026
About this deal
AI
This mixed-use property located at 11-33 44th Drive in Long Island City encompasses a total square footage of 116,187 and includes 113 units. A construction loan has been secured for this asset, amounting to $70,000,000, with a term of 3 years.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $70,000,000
- Address: 11-33 44th Drive
- Market: Long Island City
- Lender: Maxim Capital Group
- Landlord: Terra Developers
- Broker: Max Ralby - Newmark
- Loan Type: Construction
- Loan Terms: 3 years
The deal involves key participants including Maxim Capital Group as the lender, Terra Developers as the landlord, and Max Ralby representing the transaction through Newmark. The coordination among these individuals plays a pivotal role in the execution of the loan agreement.
On the Map
$70,000,000
$602/SF
Mixed-use
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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
0.23%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93