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2840 Jackson Ave, Queens, N...

Tishman Speyer Obtains $1 Billion Loan From Wells Fargo In Long Island City
FINANCEDMultiFamily

Tishman Speyer Obtains $1 Billion Loan From Wells Fargo In Long Island City

2840 Jackson Ave, Queens, NY, 11101

$1,000,000,000

Building Size

Asset Type

MultiFamily

Closing

Sep 27, 2019

AI

The property at 2840 Jackson Ave, Queens, NY, 11101 in Long Island City, is a MultiFamily asset. The loan for this property, facilitated on 09/27/2019, involved a substantial amount of $1,000,000,000.00 provided by Wells Fargo.

Summary of transaction details:

  • Property Type: MultiFamily
  • Transaction Amount: $1,000,000,000.00
  • Address: 2840 Jackson Ave, Queens, NY, 11101
  • Borrower: Tishman Speyer
  • Borrower's Representatives: Michael Gigliotti(JLL), Michael "Mike" Tepedino(JLL)
  • Lender: Wells Fargo

The deal's key individuals included Michael Gigliotti and Michael "Mike" Tepedino from JLL who represented the borrower, Tishman Speyer, in securing the $1,000,000,000.00 loan from Wells Fargo. It highlights the critical roles played by these individuals in ensuring the successful completion of this significant financial transaction.

Players

Michael Gigliotti

JLL

Broker

$3.7B

vol

19 deals

Broker
JLL
JLLLender
Tishman Speyer
Tishman SpeyerLandlord

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

0.02%

Cash-on-Cash

-0.00%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93