Ponce Bank Provides $38M Construction Loan For Mixed-Use Property In Astoria
25-21 Broadway, Queens, New York 11106, United States
$38,000,000
$1,407/SF
Building Size
27,000 SF
Asset Type
Mixed-use
Closing
Jul 26, 2022
About this deal
AI
The mixed-use property located at 25-21 Broadway in Astoria has been involved in a recent transaction. The property spans across 27,000 square feet and is situated in a bustling market.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $38,000,000
- Address: 25-21 Broadway
- Market: Astoria
- SF: 27,000
The loan for this transaction was provided by Ponce Bank. The Tsilo Group acts as the landlord of the property. The loan, amounting to $38,000,000, is classified as a construction loan, indicating plans for development and improvement on the property.
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
0.42%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93