Simon Baron Development Secures $240M Loan For 29-22 Northern Boulevard Mixed Use Property
29-22 Northern Blvd, Long Island City, NY 11101, USA
$240,000,000
$7,651/SF
Building Size
31,367 SF
Asset Type
Mixed-use
Closing
Jun 24, 2019
About this deal
AI
A mixed-use and co-living property located at 29-22 Northern Boulevard in Long Island has been involved in a closed transaction. The deal was finalized on June 25, 2019.
Summary of transaction details
- Property Type: Mixed Use & Co-living
- Transaction Amount: $240,000,000
- Lender: Société Générale and Deutsche Pfandbriefbank
- Landlord: Simon Baron Development
- Tenant: @Ollie.Co
Jonathan Simon and Matthew Baron were the individuals involved in this transaction. The lender for this deal was Société Générale and Deutsche Pfandbriefbank. The landlord of the property is Simon Baron Development, while the tenant is @Ollie.Co.
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
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93