Cornerstone Capital Acquires Multifamily Property In Astoria For $12.5M

A multifamily property located at 11-07 Welling Court in Astoria was recently involved in a closed transaction. The property spans approximately 27,145 square feet and consists of 28 units.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $12,476,626
• Address: 11-07 Welling Court
• Market: Astoria
• Size: 27,145 square feet
• Number of Units: 28

Robert Mejorvich served as the landlord in this transaction. The loan for the acquisition of the property was provided by Fannie Mae. The loan amount was $12,476,626, with a loan type of Acquisition Loan. The loan terms included a 12-year fixed term, a 30-year amortization period, and a 3.23% interest rate.

Note from Cornerstone Capital of NY: Cornerstone Capital of NY (CornerstoneCapitalofNY) was able to provide a maximum loan-to-value (LTV) request for this 28-unit multifamily property. Russell Nova, Alexander Nemirovskiy, and Igor Zakh from CornerstoneCapitalofNY were instrumental in underwriting and structuring the loan to meet the specific ownership request. The loan offered a 12-year fixed product, with the first year being interest-only, and a 30-year repayment schedule. For further inquiries, you can contact Russell Nova, the Principal at Nova - Principal - 917 559 1820 or [email protected]. Alex Nemirovskiy, the Senior Credit Officer, can be reached at 347 751 5232 or [email protected]. Igor Zakh, the Chief Operating Officer, can be contacted at 917 567 1646 or [email protected].

Cornerstone Capital of NY, operating within the Capital Markets Group, specializes in providing long-term paper and has built a strong banking relationship to cater to the sponsorship needs of its clients.