Updated Dec 4, 2024
Chetrit Group Secures $225M Loan For Multifamily Property In Jamaica NYC
152-11 89th Ave, Jamaica, NY 11432, USA
$225,000,000
$596,817/SF
Building Size
377 SF
Asset Type
MultiFamily
Closing
Jul 1, 2020
About this deal
AI
A multifamily property consisting of 588 units located at 152-11 89th Ave. and 88 153rd Street in Jamaica has been involved in a recent transaction. The transaction took place in July 2021.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $225,000,000
- Address: 152-11 89th Ave, Jamaica
- Market: Jamaica
- Lender: Starwood Capital & BMO
- Landlord: Chetrit Group - Joseph Chetrit
- Broker: Henry Bodek - Galaxy Capital Group
The property, owned by the Chetrit Group and represented by Joseph Chetrit, secured a loan of $225,000,000 from Starwood Capital and BMO. Henry Bodek from Galaxy Capital Group acted as the broker in this transaction.
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
0.07%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93