IX Development LLC Secures $25 Million Construction Financing For Mixed-Use Project In Long Island City
27-51 Jackson Avenue
$25,000,000
Building Size
—
Asset Type
Mixed-use
Closing
Sep 29, 2023
About this deal
AI
The stalled condominium project located at 27-51 Jackson Avenue in Long Island City, Queens has secured a new round of construction financing. The mixed-use development, owned by IX Development LLC, has obtained a loan amounting to $25,000,000 from Ponce Bank.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $25,000,000
- Address: 27-51 Jackson Avenue
- Market: Long Island City, Queens
- Lender: Ponce Bank
- Landlord: IX Development LLC
Ponce Bank has provided the necessary funds to facilitate the completion of the mixed-use development project at 27-51 Jackson Ave. in Queens. The loan will support the ongoing construction and ensure the realization of the property's potential as a vibrant mixed-use space in Long Island City.
Players
Long Island City Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
Loading comparables…
Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.63%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93