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Joseph Stern Of SB Development Secures $85 Million Construction Loan From I-Cross Capital In Long Island City

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FINANCED
$85,000,000

New York

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MultiFamily392,000 SF
Financed
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FINANCED

Joseph Stern Of SB Development Secures $85 Million Construction Loan From I-Cross Capital In Long Island City

29-26 40th Avenue & 29-15 40th Road

See Similar Deals
MultiFamily392,000 SF
Financed
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$216
Total Square Footage:392000 SF
Transaction Type:Loan

The property asset involved in the transaction is located at 29-26 40th Avenue & 29-15 40th Road in Long Island City. This multifamily asset encompasses 196,000 square feet and consists of 190 units, and the loan amount secured for this development is $85,000,000, categorized as a construction loan.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $85,000,000
  • Address: 29-26 40th Avenue & 29-15 40th Road
  • Market: Long Island City
  • Asset Size: 196,000 SF
  • Units: 190
  • Lender: I-Cross Capital
  • Landlord: Joseph Stern - SB Development, Adam Westreich - Hazelton Capital Group & Avenue Realty Capital
  • Broker: Ben France - MSCO
  • Loan Type: Construction

Key individuals and companies involved in the deal include Joseph Stern, representing SB Development, and Adam Westreich, associated with both Hazelton Capital Group and Avenue Realty Capital. The broker for this transaction is Ben France from MSCO, facilitating the construction loan provided by I-Cross Capital.

Players

BF
Ben France
1 deal$85M volume
BROKER
iCross Capital
iCross Capital
LENDER

Details

FINANCED
IMAGE: Joseph Stern DATE: 8/5/2024 ADDRESS: 29-26 40th Avenue & 29-15 40th Road MARKET: Long Island City ASSET TYPE: Multifamily ~ SF: 196,000 ~ UNITS: 190 LENDER: I-Cross Capital LANDLORD: Joseph Stern - SB Development, Adam Westreich - Hazelton Capital Group (@HazeltonCapitalGroup) & Avenue Realty Capital BROKER: Ben France - MSCO LOAN AMOUNT: $85,000,000 LOAN TYPE: Construction

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$85,000,000.00

Monthly NOI$566,666.67
Monthly Debt Service$537,257.82
Change in Cash Flow$0.00
Refinance Proceeds$0.00