Forest Hills Real Estate Group Secures $16.8M Loan At 6930 Austin St, Queens
FINANCED
$16,800,000
New York
See Similar DealsMixed-use
FINANCED
Forest Hills Real Estate Group Secures $16.8M Loan At 6930 Austin St, Queens
6930 Austin St, Queens, NY, 11375
See Similar DealsMixed-use
Summary
NEW YORK
Asset Type:Mixed-use
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$16,800,000.00
Monthly NOI$112,000.00
Monthly Debt Service$106,187.43
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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