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Damien Smith's Prosper Property Group & First Standard Construction Refinances Long Island City Multifamily For $5.7M With Fieldpoint Private Loan

Property Image
FINANCED
$5,725,000

New York

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MultiFamily12,367 SF
Financed 09/30/2022
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Property Image
FINANCED

Damien Smith's Prosper Property Group & First Standard Construction Refinances Long Island City Multifamily For $5.7M With Fieldpoint Private Loan

27-10 37th Avenue

See Similar Deals
MultiFamily12,367 SF
Financed 09/30/2022
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$462
Total Square Footage:12,367 SF
Transaction Type:Loan

The multifamily property located at 27-10 37th Avenue in Long Island City has recently undergone a loan transaction. The property spans over 12,367 square feet and consists of 11 units. The loan involved in the transaction is a refinance, provided by Fieldpoint Private.

Summary of Transaction Details:

  • Property Type: Multifamily
  • Transaction Amount: $5,725,000
  • Loan Type: Refinance
  • Loan Terms: 5-year fixed, 4.875%, cash out

In this transaction, the landlord of the property is Damien Smith, who represents Prosper Property Group & First Standard Construction. It is noteworthy that the loan amount of $5,725,000 will provide the opportunity for cash out for the landlord.

Players

Fieldpoint Private
Fieldpoint Private
LENDER
Prosper Property Group
Prosper Property Group
LANDLORD

Details

FINANCED
IMAGE: Damien Smith DATE: 09/30/2022 ADDRESS: 27-10 37th Avenue MARKET: Long Island City ASSET TYPE: Multifamily ~ SF: 12,367 ~ UNITS: 11 LENDER: Fieldpoint Private LANDLORD: Damien Smith - Prosper Property Group & First Standard Construction LOAN AMOUNT: $5,725,000 LOAN TYPE: Refinance LOAN TERMS: 5-year fixed, 4.875%, cash out

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$5,725,000.00

Monthly NOI$38,166.67
Monthly Debt Service$36,185.89
Change in Cash Flow$0.00
Refinance Proceeds$0.00