Joseph Stern Secures $85M Construction Loan From ICross Capital For Long Island City Multifamily Property
FINANCED
$85,000,000
New York
See Similar DealsMultiFamily25,910 SF
Financed 08/06/2024
FINANCED
Joseph Stern Secures $85M Construction Loan From ICross Capital For Long Island City Multifamily Property
2924 40th Avenue
See Similar DealsMultiFamily25,910 SF
Financed 08/06/2024
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$3,280
Total Square Footage:25,910 SF
Transaction Type:Loan
The property asset involved in this transaction is a multifamily building located at 2924 40th Avenue in Long Island City. The asset features a total square footage of 25,910 and comprises 200 residential units. The transaction involves a construction loan amounting to $85,000,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $85,000,000
- Address: 2924 40th Avenue
- Market: Long Island City
- Lender: iCross Capital - Lily Guo
- Landlord: Joseph Stern
- Broker: Benjamin Frances - MSCO Capital Advisors
- Loan Type: Construction
The deal is supported by key individuals in the financing and brokerage sectors, with Lily Guo representing iCross Capital as the lender. Joseph Stern, the landlord, plays a crucial role in the property management aspect, while Benjamin Frances serves as the broker representing MSCO Capital Advisors, facilitating the transaction process.
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Deal Type
30 years
10 years
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
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