Metropolitan Commercial Bank Provides $35M Refinance Loan For Mixed-Use Property In Far Rockaway
14-10 Seagirt Boulevard, Queens, New York 11691, United States
$35,000,000
$429/SF
Building Size
81,500 SF
Asset Type
Mixed-use
Closing
May 10, 2022
About this deal
AI
The property involved in this closed transaction is located at 14-10 Seagirt Boulevard in the Far Rockaway market. It is a mixed-use asset with a total square footage of 81,500.
Summary of transation details
- Property Type: Mixed-use
- Transaction Amount: $35,000,000
- Address: 14-10 Seagirt Boulevard
- Market: Far Rockaway
- Loan Type: Refinance
- Lender: Metropolitan Commercial Bank
- Landlord: Aron Cytryn
Metropolitan Commercial Bank provided a loan of $35,000,000 to Aron Cytryn for the purpose of refinancing the property at 14-10 Seagirt Boulevard in Far Rockaway.
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
0.45%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93