Meridian Capital Secures $265M Construction Loan In Long Island City
FINANCED
$265,000,000
New York
See Similar DealsMultiFamily1 SF
Financed
FINANCED
Meridian Capital Secures $265M Construction Loan In Long Island City
MultiFamily1 SF
Financed
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$265000000
Total Square Footage:1 SF
Transaction Type:Loan
The multifamily property in Long Island City, comprising 6,920 square feet and 417 units, was involved in a recent transaction. The loan amount secured for this property was $265,000,000, with the loan type identified as construction.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $265,000,000
- Market: Long Island City
- Brokers: Morris Betesh, Brandon Serota & Omar Ferreira - Meridian Capital Group
The transaction was facilitated by the brokers Morris Betesh, Brandon Serota, and Omar Ferreira from Meridian Capital Group. They played a crucial role in securing the construction loan for the multifamily property in Long Island City.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$265,000,000.00
Monthly NOI$1,766,666.67
Monthly Debt Service$1,674,980.26
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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