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MetBank & Columbia Pacific Advisors Loan $32M For Mixed-Use Property In Long Island City

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FINANCED
$32,000,000

New York

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Mixed-use92,868 SF
Financed 04/20/2021
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Property Image
FINANCED

MetBank & Columbia Pacific Advisors Loan $32M For Mixed-Use Property In Long Island City

9-03 44th Road

See Similar Deals
Mixed-use92,868 SF
Financed 04/20/2021
Contact now

Summary

NEW YORK
Asset Type:Mixed-use
Price Per Square Foot:$344
Total Square Footage:92,868 SF
Transaction Type:Loan

9-03 44th Road, a mixed-use property located in Long Island City, Queens, was recently involved in a closed transaction. The property, owned by Barone Management, secured a loan from metbank''>MetBank and Columbia Pacific Advisors. The loan amount was $32,000,000. The transaction was facilitated by Adam Hakim and James Murad from Meridian Capital Group as brokers representing the parties involved.

Summary of transaction details:

  • Property Type: Mixed-Use
  • Transaction Amount: $32,000,000
  • Lender: MetBank and Columbia Pacific Advisors
  • Landlord: Barone Management
  • Brokers: Adam Hakim and James Murad from Meridian Capital Group

Adam Hakim and James Murad, representing Meridian Capital Group, played an instrumental role in facilitating this transaction. The loan provided by MetBank and Columbia Pacific Advisors will support the mixed-use property's ongoing operations and potential growth.

Players

James Murad
62 deals$2.9B volume(646) 290-2012
BROKER

Adam Hakim
Ripco
60 deals$2.9B volume(646) 290-2011
BROKER

MetBank
LENDER


Details

FINANCED
IMAGE: Adam Hakim & James Murad DATE: 04/21/2021 ADDRESS: 9-03 44th Road MARKET: Long Island City, Queens ASSET TYPE: Mixed-Use LENDER: MetBank & Columbia Pacific Advisors LANDLORD: Barone Management BROKERS: Adam Hakim & James Murad - Meridian Capital Group LOAN AMOUNT: $32,000,000

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$32,000,000.00

Monthly NOI$213,333.33
Monthly Debt Service$202,261.77
Change in Cash Flow$0.00
Refinance Proceeds$0.00