Emerald Creek Capital Provides $3.3M Loan For Mixed-Use Property In Long Island City
4243 27th St, Queens, NY, 11101
$3,300,000
Building Size
—
Asset Type
Mixed-use
Closing
Nov 20, 2023
AI
The property asset involved in the transaction is a mixed-use building located at 4243 27th St, Queens, NY, 11101, within the Long Island City market. The building consists of a newly constructed 6-story structure with an above-grade area measuring 7,181 square feet. It incorporates seven 1 and 2-bedroom apartments along with a 1,459 square foot commercial space situated on the ground floor.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $3,300,000.00
- Address: 4243 27th St, Queens, NY, 11101
- Market: Long Island City
- Lender: Emerald Creek Capital
- Lender's Representative: Senior Vice President of Emerald Creek Capital
This transaction highlights key players in the deal, including Emerald Creek Capital as the lender and their Senior Vice President, who represented the lending side in this bridge loan arrangement. The loan is secured by the property, which benefits from its advantageous location in the Hunters Point neighborhood, known for its appeal to young professionals due to its proximity to Midtown Manhattan and access to multiple subway lines.
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
4.81%
Cash-on-Cash
-1.37%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93