Scale Lending Provides $55M Loan For Mixed-Use Property In Long Island City
41-05 29th Street, Long Island City, NY 11101, USA
$55,000,000
$603/SF
Building Size
91,114 SF
Asset Type
Mixed-use
Closing
May 13, 2020
About this deal
AI
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.
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
0.29%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93