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98-81 Queens Blvd Flushing,...

Updated Oct 29, 2024

RJ Capital Holdings Secures $65.4M Loan From Valley National Bank For Queens Mixed-use Tower
FINANCEDMixed-use

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

Valley National Bank
Valley National BankLender
RJ Capital Holdings
RJ Capital HoldingsLandlord

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

0.24%

Cash-on-Cash

-0.07%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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