Updated Nov 10, 2026
Ed McDowell & Robert Vahradian Of Brightshore Capital Secures $98.5 Million Loan In Long Island City
29-24 40th Avenue
$98,500,000
Units
190
Asset Type
MultiFamily
Closing
Oct 27, 2026
About this deal
AI
The property involved in this transaction is a multi-family asset located at 29-24 40th Avenue in Long Island City, consisting of 190 units. The loan amount for this acquisition is $98,500,000.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $98,500,000
- Lender: David Greenburg – Affinius
- Borrower: Ed McDowell & Robert Vahradian - Brightshore Capital
- Landlord's Representative: Jordan Roeschlaub, Christopher Kramer, Max Ralby & Capri Van Gilder - Newmark
This transaction highlights the roles of key individuals in the process, particularly the collaboration of David Greenburg representing the lending side as the lender and Ed McDowell & Robert Vahradian handling the borrowing side as the borrowers. The landlord's representation by Jordan Roeschlaub, Christopher Kramer, Max Ralby, and Capri Van Gilder from Newmark showcases the professional network involved in the deal.
On the Map
$98,500,000
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
0.16%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93