BHI Bank Hapoalim Provides $37M Loan For Mixed-Use Development In Long Island City
45-17 Davis Street, Long Island City, NY 11101, USA
$37,000,000
$986/SF
Building Size
37,500 SF
Asset Type
Mixed-use
Closing
Jun 21, 2020
About this deal
AI
A mixed-use property located at 45-17 Davis Street in Long Island City was recently involved in a closed transaction. The property consists of 82 units and includes 5,000 square feet of retail space and 12 parking spaces. The transaction took place on June 21, 2021.
Summary of transaction details
- Property Type: Mixed-use
- Market: Long Island City
- Address: 45-17 Davis Street
The lender involved in this transaction was BHI Bank Hapoalim, originating from Israel. The loan amount for the transaction was $37,000,000. The landlords of the property are Jaz Patel and Jasper Wu. The brokers who represented the deal were Morris Betesh and Omar Ferreira from Meridian Capital Group.
Players
New York 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
0.43%
Cash-on-Cash
-0.12%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93