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27-01 Jackson Avenue

Lions Group And Fetner Properties Secure $107 Million Financing For Mixed-Use Tower In Long Island City
FINANCEDMixed-use

Lions Group And Fetner Properties Secure $107 Million Financing For Mixed-Use Tower In Long Island City

27-01 Jackson Avenue

$107,000,000

$1/SF

Building Size

150,000,000 SF

Asset Type

Mixed-use

Closing

Jul 25, 2024

AI

A mixed-use tower named The Bold, located at 27-01 Jackson Avenue in Long Island City, Queens, features an asset valued at approximately $150,000,000. This property encompasses a total of 150,000 square feet.

Summary of transaction details:

  • Property Type: Mixed-use
  • Transaction Amount: $107,000,000
  • Lender: Valley Bank, IDB Bank
  • Mezzanine Loan Provider: Mavik Capital Management
  • Landlord: Aaron Shirian - Lions Group
  • Broker Representatives: Alex Fetner & Hal Fetner - Fetner Properties

The financing arrangement secured by Lions Group and Fetner Properties includes $80 million from Valley Bank and IDB Bank, alongside a $27 million mezzanine loan from Mavik Capital Management. Vik Uppal and Dan Cooperman are noted as representatives from Mavik Capital involved in this transaction.

Players

IDB Bank
IDB BankBrokerage
Valley Bank
Valley BankLender
IDB Bank
IDB BankLender

Long Island City Mixed-use Market Snapshot

Boundary boundary · Mixed-use · Loan transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.15%

Cash-on-Cash

-0.04%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93