Updated Jan 7, 2025
Construction Loan Secured For Multifamily Asset In Long Island City For $12M
$12,000,000
$600/SF
Building Size
20,000 SF
Asset Type
MultiFamily
Closing
Dec 20, 2024
About this deal
AI
The asset involved in this transaction is a multifamily property located in Long Island City, encompassing a total square footage of 20,000. The loan for this asset was issued in the amount of $12,000,000, designated for construction purposes, with a term of 18 months.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $12,000,000
- Loan Type: Construction
- Loan Terms: 18 months
- Market: Long Island City
- Asset Square Footage: 20,000
- Broker: Esti Broyde - LLC
Esti Broyde represents LLC in the transaction, facilitating the loan agreement for the multifamily property in Long Island City. This representation underscores the involvement of the brokerage in negotiating the terms of the construction loan.
Players
Market 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
1.32%
Cash-on-Cash
-0.38%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93