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Bank Of America Provides $76.7M Refinance Loan For Office, Mixed-use, And Retail Condo In Flushing, Garment District, And Financial District, Landlord Pi Capital Partners

Property Image
FINANCED
$76,700,000

New York

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Mixed-use120,418 SF
Financed 07/21/2022
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Property Image
FINANCED

Bank Of America Provides $76.7M Refinance Loan For Office, Mixed-use, And Retail Condo In Flushing, Garment District, And Financial District, Landlord Pi Capital Partners

136-21 Roosevelt Avenue, Queens, New York 11354, United States

See Similar Deals
Mixed-use120,418 SF
Financed 07/21/2022
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$636
Total Square Footage:120,418 SF
Transaction Type:Loan

The assets involved in this transaction include an office, mixed-use, and retail condo located at 136-21 Roosevelt Avenue, 474 7th Avenue, and 130 Water Street. The properties span a total square footage of 120,418. This transaction occurred in the Flushing, Garment District, and Financial District markets.

Summary of transation details:

  • Property Type: Office, Mixed-use & Retail Condo
  • Transaction Amount: $76,700,000
  • Lender: Bank Of America
  • Landlord: Pi Capital Partners & Jerry Pi
  • Loan Type: Refinance
  • Date of Transaction: 07/21/2022

The deal involved key representatives, with Nick Potter and Jack Shaw associated with the financing aspect of the transaction. Their roles were instrumental in securing the refinance loan for the properties covered in this transaction.

Players

Bank of America
Bank of America
LENDER
Capital Partners
Capital Partners
LANDLORD

Details

FINANCED
IMAGE: Nick Potter & Jack Shaw DATE: 07/21/2022 ADDRESS: 136-21 Roosevelt Avenue, 474 7th Avenue & 130 Water Street MARKET: Flushing, Garment District & Financial District ASSET TYPE: Office, Mixed-use & Retail Condo ~ SF: 120,418 LENDER: Bank Of America LANDLORD: Pi Capital Partners (@picapitalpartners.com) & Jerry Pi (@thejerrypi) LOAN AMOUNT: $76,700,000 LOAN TYPE: Refinance

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$76,700,000.00

Monthly NOI$511,333.33
Monthly Debt Service$484,796.17
Change in Cash Flow$0.00
Refinance Proceeds$0.00