Updated Sep 9, 2024
S3 Capital Provides $20M Construction Loan For Astoria Multifamily Development
31-61 Vernon Blvd, Astoria, Queens County, NY, USA
$20,000,000
Units
101
Asset Type
MultiFamily
Closing
Oct 25, 2021
About this deal
AI
A construction loan in the amount of $20,000,000 was secured for a multifamily property in Astoria, Queens. The property, located at 31-61 Vernon Blvd. & 11-24 31st Drive, consists of 102 units. The loan was provided by S3 Capital, with Robert Schwartz representing the lending institution.
Summary of Transaction Details
- Property Type: Multifamily
- Transaction Amount: $20,000,000
- Address: 31-61 Vernon Blvd. & 11-24 31st Drive, Astoria, Queens
- Units: 102
The landlord of the property is Zisha Twersky. The deal was facilitated by brokers Isaac Filler, Yossi Koschitzki, and Elliot Levy of Meridian Capital Group. They represented the interested parties in the transaction, ensuring a smooth process.
Players
New York 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
0.79%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93