Updated Feb 16, 2024
Flushing Bank Provides $21.75M Loan For Multifamily Property In Douglaston
241-15 Northern Boulevard, Douglaston, Queens, NY, USA
$21,750,000
$384/SF
Building Size
56,539 SF
Asset Type
MultiFamily
Closing
Jun 24, 2021
About this deal
AI
The multifamily property located at 241-15 Northern Boulevard in Douglaston has been involved in a recent loan transaction. The loan amount of $21,750,000 was provided by Flushing Bank. The property spans across 56,539 square feet and consists of 54 units. The landlord of the property is Frank Russo.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $21,750,000
- Square Footage: 56,539
- Units: 54
- Lender: Flushing Bank
- Landlord: Frank Russo
This loan transaction was facilitated by Flushing Bank, representing the financial aspect of the deal. Frank Russo, as the landlord, played a key role in the transaction. Together, they successfully secured the funding for the multifamily property.
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
0.73%
Cash-on-Cash
-0.21%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93