Jake Handelsman & Aaron Kurlansky Arrange $18.75M Bridge Loan For 132-Unit Multifamily In Merrick NYC
109-15 Merrick Boulevard, Queens, NY, USA
$18,750,000
$187/SF
Building Size
100,000 SF
Asset Type
MultiFamily
Closing
Sep 23, 2021
AI
Located at 109-15 25 Merrick Blvd, Jamaica, NY, 11433, this multifamily property in Merrick spans a total square footage of 100,000 and consists of 132 units. The transaction took place on September 23, 2021.
Summary of Transaction Details:
- Property Type: Multifamily
- Transaction Amount: $18,750,000
- Lender: Aaron Kurlansky & Joe Back - Sheridan Capital
- Broker: Jake Handelsman - Meridian Capital Group
The loan, amounting to $18,750,000, was provided as a bridge loan for the property. The lender in this transaction was Aaron Kurlansky and Joe Back of Sheridan Capital. Representing the borrower was Jake Handelsman from Meridian Capital Group.
Players
New York MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.85%
Cash-on-Cash
-0.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93