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Joel Teitelbaum And Matt Katz Secure $35 Million Refinancing Loan For Long Island City Multifamily Building
FINANCED
$35,000,000
New York
See Similar DealsMultiFamily71,667 SF
Financed 10/15/2024
FINANCED
Joel Teitelbaum And Matt Katz Secure $35 Million Refinancing Loan For Long Island City Multifamily Building
26-04 Jackson Avenue
See Similar DealsMultiFamily71,667 SF
Financed 10/15/2024
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$488
Total Square Footage:71,667 SF
Transaction Type:Loan
The asset involved in the transaction is a multifamily property located at 26-04 Jackson Avenue, Long Island City, Queens. The residential building consists of 82 units and encompasses a total square footage of 71,667. The refinancing loan secured for this property amounts to $35 million.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $35,000,000
- Address: 26-04 Jackson Avenue
- Market: Long Island City, Queens
- Units: 82
- Square Footage: 71,667
- Lender: Jacob Nimmer - Amalgamated Bank
- Landlord: Joel Teitelbaum & Matt Katz
- Loan Type: Refinance
Joel Teitelbaum and Matt Katz, through Jackson Holdings NY LLC, are the parties who secured the refinancing loan from Amalgamated Bank for the newly constructed residential building.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$35,000,000.00
Monthly NOI$233,333.33
Monthly Debt Service$221,223.81
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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