Valley Bank, BHI & Be-Aviv Provide $78M Construction Loan For Mixed-Use Property On Queens Boulevard
98-81 Queens Blvd Flushing, NY 11374, USA
$78,000,000
Units
170
Asset Type
Mixed-use
Closing
Jun 30, 2023
About this deal
AI
An investment property located at 98-81 Queens Boulevard in New York City was involved in a recent loan transaction. The property is a mixed-use building, consisting of both residential and retail space, spanning a total of 215,443 square feet. It comprises 170 units and is situated in a vibrant market.
Summary of transaction details
- Property Type: Mixed-Use (Residential & Retail)
- Loan Amount: $78,000,000
- Lender: Valley Bank, BHI, and Be-Aviv
- Landlord: RJ Capital
- Brokers: Morris Betesh, Eli Serebrowski, and Alex Bailkin - Meridian Capital Group
The loan obtained for this transaction amounted to $78,000,000 and was specifically for construction purposes. The lenders involved in providing the loan were Valley Bank, BHI, and Be-Aviv. RJ Capital serves as the landlord for this property. The deal was facilitated by the brokers Morris Betesh, Eli Serebrowski, and Alex Bailkin from the Meridian Capital Group.
On the Map
$78,000,000
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
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93