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
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.
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