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
Long Island City 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
0.15%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93