Updated Jul 2, 2026
Shibber Khan Of Criterion Group Secures $70 Million Refinance Loan For Multifamily Asset In Long Island City
11-39 49th Avenue
$70,000,000
$433/SF
Building Size
161,347 SF
Asset Type
MultiFamily
Closing
Jun 23, 2026
About this deal
AI
The property involved in this transaction is a multifamily asset located at 11-39 49th Avenue in Long Island City, encompassing a total square footage of 161,347 and comprising 194 units. The transaction involved a refinancing loan amount of $70,000,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $70,000,000
- Loan Type: Refinance
- Loan Terms: Bridge loan
- Lender: Yanni Kouzilos & Douglas Romero - Ponce Bank
- Landlord: Shibber Khan - Criterion Group
- Lender's Attorney: Jane Chen - The Usinger Law Practice PLLC
- Landlord's Attorney: Anthony Simari - Cassin & Cassin LLP
The refinancing for the property was facilitated by Ponce Bank, with Yanni Kouzilos and Douglas Romero representing the lender. Shibber Khan acted as the landlord in this transaction, represented by attorney Anthony Simari from Cassin & Cassin LLP. The loan supports an affordable housing initiative, contributing to community preservation and addressing New York City's housing needs.
On the Map
$70,000,000
$433/SF
MultiFamily
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.23%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93