Updated Jun 26, 2025
Slate Property Group Refinances 186-Unit Rental Property In Long Island City For $85M
3705 30th St Queens, NY 11101, USA
$85,000,000
$405/SF
Building Size
209,426 SF
Asset Type
MultiFamily
Closing
Jun 19, 2023
About this deal
AI
The Slate Property Group, represented by Martin Nussbaum and David Schwartz, has secured an $85 million refinancing deal for their multi-family rental property located at 37-05 30th Street in Long Island City. This property consists of 186 units and spans approximately 209,426 square feet.
Summary of transation details
- Property Type: MultiFamily
- Transaction Amount: $85,000,000
- Address: 37-05 30th Street
- Market: Long Island City
- Units: 186
The lender for this refinancing deal is Pacific Coast Capital Partners (PCCP). Through this $85 million refinancing, the Slate Property Group can repay their previous loan and also access capital for future investments. This strategic move allows them to maintain financial stability while pursuing further growth opportunities in the real estate market.
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
0.19%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93