Updated Feb 17, 2025
M&T Bank Provides $40 Million Refinance For 103 Unit Multifamily At 29-17 40th Avenue
29 17 40th Avenue
$40,000,000
$363/SF
Building Size
110,000 SF
Asset Type
MultiFamily
Closing
Feb 5, 2025
About this deal
AI
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.
On the Map
$40,000,000
$363/SF
MultiFamily
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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
0.40%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93