Scale Lending Provides $55M Loan For Mixed-Use Property In Long Island City
FINANCED
$55,000,000
New York
See Similar DealsMixed-use91,114 SF
Financed 05/13/2020
FINANCED
Scale Lending Provides $55M Loan For Mixed-Use Property In Long Island City
41-05 29th Street, Long Island City, NY 11101, USA
See Similar DealsMixed-use91,114 SF
Financed 05/13/2020
Summary
NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$603
Total Square Footage:91,114 SF
Transaction Type:Loan
The mixed-use property located at 41-05 29th Street in Long Island City has been involved in a closed transaction. The property comprises 86 units and is situated in the market of Long Island City.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $55,000,000
- Lender: SCALE Lending - Martin Nussbaum
- Landlord: SB Development - Joseph Stern
The loan for this transaction was provided by SCALE Lending, with Martin Nussbaum representing the lender. The landlord, SB Development, was represented by Joseph Stern. The loan amount for this transaction was $55,000,000.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$55,000,000.00
Monthly NOI$366,666.67
Monthly Debt Service$347,637.41
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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