Centennial Bank Provides $88M Construction Loan For Mixed-Use Project In Flushing
FINANCED
$88,000,000
New York
See Similar DealsMixed-use350,000 SF
Financed 02/01/2022
FINANCED
Centennial Bank Provides $88M Construction Loan For Mixed-Use Project In Flushing
134-03 35th Avenue, Queens, New York 11354, United States
See Similar DealsMixed-use350,000 SF
Financed 02/01/2022
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$251
Total Square Footage:350,000 SF
Transaction Type:Loan
The property involved in this transaction is a mixed-use asset located at 134-03 35th Ave in Flushing. It consists of a 210-key Hilton Garden Inn, 120 residential condos, retail spaces, a community facility, and parking, spanning a total area of 350,000 square feet.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $88,000,000
- Lender: Centennial Bank
- Landlord: Chris Xu
- Brokers: Morris Betesh & Omar Ferreira - Meridian Capital Group
- Loan Type: Construction Loan
In this deal, the lender providing the construction loan is Centennial Bank. The landlord of the property is Chris Xu. The brokers involved in the transaction are Morris Betesh and Omar Ferreira from Meridian Capital Group.
Players
BROKERAGE
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$88,000,000.00
Monthly NOI$586,666.67
Monthly Debt Service$556,219.86
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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