RJ Capital Holdings Secures $65.4M Loan From Valley National Bank For Queens Mixed-use Tower
98-81 Queens Blvd Flushing, NY 11374, USA
$65,400,000
Building Size
—
Asset Type
Mixed-use
Closing
Jul 11, 2023
About this deal
AI
RJ Capital Holdings has secured a $65.4 million loan from Valley National Bank for their mixed-use tower located at 98-81 Queens Blvd. in Queens. The property boasts a strategic location on Queens Boulevard, offering excellent visibility and access to a high-traffic corridor. With its mixed-use designation, the asset encompasses both residential and commercial spaces, providing a versatile investment opportunity. This loan will undoubtedly support RJ Capital Holdings in further developing and maximizing the potential of this prime asset in Queens' market.
Summary of transaction details
- Property Type: Mixed-Use
- Transaction Amount: $65,400,000
- Lender: Valley National Bank
- Landlord: RJ Capital Holdings
- Address: 98-81 Queens Boulevard
- Market: Queens
RJ Capital Holdings, as the landlord, has successfully secured this $65.4 million loan through a partnership with Valley National Bank. This collaboration will provide RJ Capital Holdings with the financial resources required to enhance and explore the potential of their mixed-use tower in Queens. With a reputable lender like Valley National Bank, RJ Capital Holdings can leverage their expertise in developing the property to attract and serve a diverse range of tenants and residents. This loan is a strategic move that aligns with RJ Capital Holdings' vision to drive value creation and capitalize on the thriving real estate market in Queens.
Players
New York Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.24%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93