Updated Dec 4, 2024
Jade Century Properties Refinances Flushing Multifamily Building With $101M Loan From Highbridge Partners III LLC
131-02 40th Road
$101,000,000
$183/SF
Building Size
551,193 SF
Asset Type
MultiFamily
Closing
Nov 20, 2023
About this deal
AI
Xiaorong Zhai's multifamily property at 131-02 40th Road in Flushing, Queens has secured a $101 million refinance loan from Highbridge Partners III LLC. The property is a residential elevator building with 162 units, spanning a total square footage of 551,193.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $101,000,000
- Address: 131-02 40th Road, Flushing, Queens
- Market: Flushing, Queens
Jade Century Properties, owned by Xiaorong Zhai, acted as the landlord in this deal. Highbridge Partners III LLC served as the lender for the refinance loan.
On the Map
$101,000,000
$183/SF
MultiFamily
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Players
Flushing 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
0.16%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93