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4243 27th St, Queens, NY, 1...

Emerald Creek Capital Provides $3.3M Loan For Mixed-Use Property In Long Island City
FINANCEDMixed-use

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:

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

Matt Fantuzzi

Emerald Creek Capital

Broker

$114.3M

vol

14 deals

Broker
Emerald Creek Capital
Emerald Creek CapitalLender

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