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Premiero Cherry LLC Secures $7.528M Construction Loan From Community Preservation Corporation In Hicksville
FINANCED
$7,528,000
New York
See Similar DealsMultiFamily
Financed 12/11/2025
FINANCED
Premiero Cherry LLC Secures $7.528M Construction Loan From Community Preservation Corporation In Hicksville
33 West Cherry Street & 37 West Cherry Street Hicksville
See Similar DealsMultiFamily
Financed 12/11/2025
Summary
NEW YORK
Asset Type:MultiFamily
Transaction Type:Loan
The property involved is a multifamily asset located at 33 West Cherry Street and 37 West Cherry Street in Hicksville. This development consists of a fully electric, three-story apartment building featuring 20 units and amenities including a gym and coworking lounge. Additionally, there are three workforce apartments offered at reduced rents.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $7,528,000
- Lender: Community Preservation Corporation (CPC)
- Landlord: Premiero Cherry LLC
- Loan Type: Construction
The deal was secured by Premiero Cherry LLC, demonstrating a commitment to developing sustainable housing solutions in the market. The financing will contribute to the construction of the new apartment complex, aligning with community needs for workforce housing in the Hicksville area.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$7,528,000.00
Monthly NOI$50,186.67
Monthly Debt Service$47,582.08
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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