Meridian Capital Group Secures $25.7 Million Loan For Mixed-Use Property In Lake Grove
111 Alexander Avenue
$25,756,000
$25,756,000/SF
Building Size
1 SF
Asset Type
Mixed-use
Closing
Dec 20, 2022
About this deal
AI
The mixed-use property located at 111-145 Alexander Avenue in Lake Grove has been involved in a recent closed transaction. The property, known as the Smith Grove Shopping Center, was the subject of a purchase loan.
Summary of transaction details
- Property Type: Mixed-Use
- Transaction Amount: $25,756,000
- Address: 111-145 Alexander Avenue, Lake Grove
- Market: Lake Grove
The loan, facilitated by Matt Buggenhagen & Jason Labriola from Meridian Capital Group, amounted to $25,756,000. The terms of the loan included a 5-year term with 3 years of interest-only payments, followed by a 30-year amortization period. The interest rate for the loan was set at 5.00%.
Players
Largs 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
0.62%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93