IceCap Group Provides $16M Refinance Loan For 29-Unit Multifamily Property In Long Island City
Long Island City, New York City, New York, United States
$16,000,000
$56/SF
Building Size
285,000 SF
Asset Type
Mixed-use
Closing
Nov 8, 2021
About this deal
AI
A multifamily property in Long Island City has been refinanced with a loan amount of $16,000,000. The property consists of 29 units and is located in the Long Island City market. The loan was provided by IceCap Group, and the brokers involved in the transaction were Ezra Dweck, Joe Oved, and Jack Oved from IceCap Group.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $16,000,000
- Market: Long Island City
- Units: 29
- Lender: IceCap Group
- Brokers: Ezra Dweck, Joe Oved & Jack Oved - IceCap Group
- Loan Type: Refinance
- Loan Terms: 30 Year
This financing deal involved the collaboration of Ezra Dweck, Joe Oved, and Jack Oved from IceCap Group, who represented the buyer in the transaction. The loan was provided by IceCap Group for the purpose of refinancing the multifamily property in Long Island City. The terms of the loan are set for 30 years.
On the Map
$16,000,000
$56/SF
Mixed-use
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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
0.99%
Cash-on-Cash
-0.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93