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Meir Babaev's AB Capstone Secures $24M Loan From Salman Khan's Stabilis Capital Management
FINANCED
$24,000,000
New York
See Similar DealsMixed-use69,100 SF
Financed 01/31/2025
FINANCED
Meir Babaev's AB Capstone Secures $24M Loan From Salman Khan's Stabilis Capital Management
179 24 Union Turnpike & 187 12 Union Turnpike
See Similar DealsMixed-use69,100 SF
Financed 01/31/2025
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$347
Total Square Footage:69,100 SF
Transaction Type:Loan
Three mixed-use and retail properties located at 186-16 Union Turnpike, 179-24 Union Turnpike, and 187-12 Union Turnpike in Jamaica Estates, Queens, have a total square footage of 34,550. These properties are part of a loan transaction facilitated by Stabilis Capital Management, which provided significant funding for their operations.
Summary of transaction details:
- Property Type: Mixed-use & Retail
- Transaction Amount: $24,000,000
- Lender: Salman Khan - Stabilis Capital Management
- Landlord: Meir Babaev - AB Capstone
Salman Khan, representing Stabilis Capital Management, has provided a loan to Meir Babaev of AB Capstone for the aforementioned properties. This transaction underscores the engagement between the lender and landlord within the Jamaica Estates market, highlighting the financial alliance in securing substantial real estate assets.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$24,000,000.00
Monthly NOI$160,000.00
Monthly Debt Service$151,696.33
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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