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George Xu Secures $29.7M Refinance Loan For 90-Unit Building In Jamaica, Queens
FINANCED
$29,700,000
New York
See Similar DealsMultiFamily101,540 SF
Financed 04/08/2024
FINANCED
George Xu Secures $29.7M Refinance Loan For 90-Unit Building In Jamaica, Queens
148-31 90th Avenue
See Similar DealsMultiFamily101,540 SF
Financed 04/08/2024
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$292
Total Square Footage:101,540 SF
Transaction Type:Loan
The property involved in the transaction is a multi-family residential elevator building located at 148-31 90th Avenue in Jamaica, Queens. The asset spans 101,540 square feet and consists of 90 units.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $29,700,000
- Address: 148-31 90th Avenue
- Market: Jamaica, Queens
- Lender: Aaron Krawitz - Bravo Capital
- Landlord: George Xu - Century Development Group
- Loan Type: Refinance
Century Development Group, represented by George Xu, successfully closed a $29.7 million refinance loan with Bravo Capital for the mentioned property. This transaction marks a significant financial move for the parties involved, securing a beneficial loan arrangement for the 90-unit residential building in Jamaica, Queens.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$29,700,000.00
Monthly NOI$198,000.00
Monthly Debt Service$187,724.20
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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