BridgeCity Capital Provides $27M Construction Loan For Mixed-Use Development In Long Island City
FINANCED
$27,000,000
New York
See Similar DealsMixed-use36,714 SF
Financed 08/31/2023
FINANCED
BridgeCity Capital Provides $27M Construction Loan For Mixed-Use Development In Long Island City
23-17 41st Ave Queens, NY 11101, USA
See Similar DealsMixed-use36,714 SF
Financed 08/31/2023
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$735
Total Square Footage:36,714 SF
Transaction Type:Loan
A construction loan has been secured for a mixed-use and residential condominium property located at 23-17 41st Avenue in Long Island City, Queens. The property spans approximately 36,714 square feet.
Summary of transaction details:
- Property Type: Mixed-use & Residential Condominiums
- Transaction Amount: $27,000,000
- Address: 23-17 41st Avenue
- Market: Long Island City, Queens
The property is owned by Jasper Wu and Michael Wang, and the loan has been provided by BridgeCity Capital, with Allan Lebovits and Louis Lebovits representing the lender. The brokers for the deal are Morris Betesh and Omar Ferreira from Meridian Capital Group.
Players
BROKERAGE
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$27,000,000.00
Monthly NOI$180,000.00
Monthly Debt Service$170,658.37
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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