Meridian Capital Secures $265M Construction Loan In Long Island City
$265,000,000
$265,000,000/SF
Building Size
1 SF
Asset Type
MultiFamily
Closing
Apr 26, 2024
AI
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.
Players
Long Island City 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
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93