FINANCEDMultiFamily
Stellar Management Secures $34M Loan For Kew Gardens Multifamily
83rd Avenue, Kew Gardens, NY, USA
$34,000,000
$121/SF
Building Size
280,588 SF
Asset Type
MultiFamily
Closing
Apr 1, 2019
AI
Larry Gluck and Alan Perlmutter have secured a loan of $34,000,000 for a multifamily property located at 123-133 83rd Ave in Kew Gardens, Queens. The loan was provided by Signature Bank. The property is owned by Stellar Management.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $34,000,000
- Lender: Signature Bank
- Landlord: Stellar Management
GCP Capital Partners, represented by Alan Perlmutter, acted as the broker for this deal.
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
0.47%
Cash-on-Cash
-0.13%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93