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
$76,700,000
$636/SF
Building Size
120,418 SF
Asset Type
Mixed-use
Closing
Jul 20, 2022
About this deal
AI
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
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
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93