Signature Bank Provides $20M Refinance Loan For Mixed-Use Property In Long Island City
$20,000,000
$70/SF
Building Size
285,000 SF
Asset Type
Mixed-use
Closing
Sep 21, 2022
About this deal
AI
Signature Bank has provided a $20,000,000 loan to refinance a mixed-use property in Urban Yard, Long Island City. The property has a total square footage of 285,000. The loan terms include an interest rate of 4.75% and a full term interest-only payment structure.
Summary of transaction details
- Property Type: Mixed-use
- Transaction Amount: $20,000,000
- Market: Urban Yard, Long Island City
- Square Footage: 285,000
In this transaction, Signature Bank acted as the lender, with Jesse Punn and Joe Fingerman representing the bank. The brokers involved in the deal were Morris Diamant and David Liechtung from the Meridian Capital Group.
Players
Market 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