Hanover Capital NY LLC Provides $17M Bridge Refinance For Mixed-Use Asset In Queens
$17,000,000
$126/SF
Building Size
134,000 SF
Asset Type
Mixed-use
Closing
Dec 20, 2024
AI
The transaction involved a mixed-use asset located in Queens, encompassing a total square footage of 134,000. The loan amount secured for this asset was $17,000,000 through a bridge refinance arrangement.
Summary of transaction details:
- Property Type: Mixed-use
- Transaction Amount: $17,000,000
- Lender: Hanover Capital NY LLC
- Lender Representative: Nir Mor
- Brokers: David Ostrov, Mindy Bergman, and Ariel Taieb
- Loan Type: Bridge Refinance
- Date of Transaction: 12/20/2024
Hanover Capital NY LLC demonstrated efficiency by navigating the underwriting complexities associated with an expired J51 abatement and DHCR review. They utilized proprietary software to deliver a loan approval within 24 hours, closing the transaction within three weeks. This rapid execution came after another lender had failed to perform, highlighting Hanover's capability to meet stringent borrower deadlines.
Players
Middle Village Mixed-use Market Snapshot
Boundary boundary · Mixed-use · Loan transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.93%
Cash-on-Cash
-0.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93