facebook

traded

+ Submit
Home

/

Deals

/

New York

/

Mixed Use

/

Loan

/

46 10 Center Boulevard

K. Thomas Elghanayan & Fred Elghanayan Secure $204.9M Fannie Mae Loan For 46-10 Center Boulevard
FINANCEDMixed-use

K. Thomas Elghanayan & Fred Elghanayan Secure $204.9M Fannie Mae Loan For 46-10 Center Boulevard

46 10 Center Boulevard

$204,945,000

Building Size

Asset Type

Mixed-use

Closing

Feb 3, 2025

AI

The asset involved in the transaction is 46 10 Center Boulevard, located in the Long Island City market. This property includes a combination of multifamily and retail spaces, featuring 584 residential units alongside 9,933 square feet of retail and outdoor space. The secured loan amount for this asset is $204,945,000, structured with a 35-year amortization schedule and full-term interest-only payments.

Summary of transaction details:

This transaction was facilitated by M&T Realty Capital Corporation, which played a crucial role in arranging the financing for TF Cornerstone's LEED-certified property. The brokers representing the deal were Michael Casey and Michael Jean Pierre, who contributed their expertise in securing the Fannie Mae loan on this significant multifamily and retail development.

Players

Michael Jean Pierre

M&T Realty Capital Corporation

Broker

$552.3M

vol

2 deals

Broker
Fannie Mae
Fannie MaeLender

Long Island City Mixed-use Market Snapshot

Boundary boundary · Mixed-use · Loan transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.08%

Cash-on-Cash

-0.02%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93