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M&T Bank Provides $40 Million Refinance For 103 Unit Multifamily At 29-17 40th Avenue

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FINANCED
$40,000,000

New York

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MultiFamily110,000 SF
Financed 02/05/2025
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FINANCED

M&T Bank Provides $40 Million Refinance For 103 Unit Multifamily At 29-17 40th Avenue

29 17 40th Avenue

See Similar Deals
MultiFamily110,000 SF
Financed 02/05/2025
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$363
Total Square Footage:110,000 SF
Transaction Type:Loan

The property asset involved in this transaction is a multifamily building located at 29-17 40th Avenue in Long Island City. The asset spans 110,000 square feet and comprises 103 units.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $40,000,000
  • Loan Type: Refinance
  • Lender: M&T Bank
  • Landlord: SB Development, Hazelton Capital & Davis Companies

The key individuals involved in this transaction include Jon Davis, Joseph Stern, and Adam Westriech, who played significant roles in facilitating the financing arrangement for the property.

Players

M&T Bank
M&T Bank
LENDER

Details

FINANCED
IMAGE: Jon Davis, Joseph Stern & Adam Westriech DATE: 02/05/2025 ADDRESS: 29-17 40th Avenue MARKET: Long Island City ASSET TYPE: Multifamily ~ SF: 110,000 ~ UNITS: 103 LENDER: M&T Bank LANDLORD: SB Development, Hazelton Capital (@HazeltonCapitalGroup) & Davis Companies (@TheDaviscCos) LOAN AMOUNT: $40,000,000 LOAN TYPE: Refinance

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$40,000,000.00

Monthly NOI$266,666.67
Monthly Debt Service$252,827.21
Change in Cash Flow$0.00
Refinance Proceeds$0.00