Dime Community Bank Provides $1.3M Loan For Multifamily Property In Long Island City
FINANCED
New York
See Similar DealsMultiFamily3,300 SF
Financed 04/20/2021
FINANCED
Dime Community Bank Provides $1.3M Loan For Multifamily Property In Long Island City
34-57 9th Street, Long Island City, NY, USA
See Similar DealsMultiFamily3,300 SF
Financed 04/20/2021
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$392
Total Square Footage:3,300 SF
Transaction Type:Loan
A multifamily property located at 34-57 9th Street in Long Island City was recently involved in a closed transaction. The property, captured in a photo taken by Michael Volpe, is situated in a bustling market and offers great investment potential.
Summary of transaction details
- Property Type: Multifamily
- Transaction Date: 04/20/2021
- Address: 34-57 9th Street, Long Island City
- Market: Long Island City
The loan for this transaction was provided by Dime Community Bank. The loan amount was $1,295,000 with favorable terms: a fixed interest rate of 3.625% for 5 years and a 30-year repayment schedule. The property is owned by Antonios & Nick Fiorentinos, who are recognized as the landlords in this deal. The broker representing this transaction was Michael Volpe from HighCap Group.
Players
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$1,295,000.00
Monthly NOI$8,633.33
Monthly Debt Service$8,185.28
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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