Forest Hills Real Estate Group Secures $16.8M Loan At 6930 Austin St, Queens
6930 Austin St, Queens, NY, 11375
$16,800,000
Building Size
—
Asset Type
Mixed-use
Closing
Nov 22, 2023
AI
The property involved is a 42,500-square-foot mixed-use office and retail building located at 69-30 Austin St in Forest Hills, Queens, NY. The acquisition loan amount secured for the property is $16,800,000.00.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $16,800,000.00
- Address: 6930 Austin St, Queens, NY, 11375
- Market: Forest Hills
- Borrower's Representative: Ross Cumming (Ackman-Ziff)
- Borrower: Forest Hills Real Estate Group
- Lender: Thorofare Capital
Ross Cumming of Ackman-Ziff Real Estate Capital Advisors played a crucial role in securing the $16.8 million acquisition loan from Thorofare Capital for the mixed-use property. The borrower, a partnership between LTNG, Crown Acquisitions, and Forest Hills Real Estate Group, plans to utilize a portion of the loan proceeds for capital improvements on the building.
Players
Forest Hills 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
0.94%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93