Centennial Bank Provides $88M Construction Loan For Mixed-Use Project In Flushing
134-03 35th Avenue, Queens, New York 11354, United States
$88,000,000
$251/SF
Building Size
350,000 SF
Asset Type
Mixed-use
Closing
Jan 31, 2022
About this deal
AI
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.
On the Map
$88,000,000
$251/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
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93