Signature Bank Provides $20M Refinancing Loan For Mixed-use Property In Long Island City
Long Island City, New York City, New York, United States
$20,000,000
$70,175/SF
Building Size
285 SF
Asset Type
Mixed-use
Closing
Sep 21, 2022
AI
A mixed-use property located in Urban Yard, Long Island City has been refinanced through a loan. The property spans approximately 285,000 square feet and is situated in an urban market.
Summary of transation details
- Property Type: Mixed-use
- Transaction Amount: $20,000,000
- Market: Urban Yard, Long Island City
- Loan Type: Refinance
- Loan Terms: 4.75% interest only
The loan was provided by Signature Bank and handled by Jesse Punn and Joe Fingerman. The brokers representing the transaction were Morris Diamant and David Liechtung from Meridian Capital Group. The loan amount for the refinancing was $20,000,000 and the terms of the loan included a 4.75% interest rate with full term interest-only payments.
Players
Astoria 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
0.79%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93