Updated Dec 4, 2024
PCCP Provides $85M Bridge Loan For Multifamily Property In Astoria, NY
37-11 30th Ave.Queens, NY 11103, USA
$85,000,000
$607/SF
Building Size
140,000 SF
Asset Type
MultiFamily
Closing
Jun 9, 2023
About this deal
AI
The loan for the property at 37-11 30th Avenue in Astoria has been finalized. The property is a multifamily asset with a total square footage of 140,000 and consists of 123 units.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $85,000,000
- Address: 37-11 30th Avenue, Astoria
- Market: Astoria
- Lender: PCCP - Brian Haber
- Landlord: Slate Property Group - Martin Nussbaum
- Brokers: Jonathan Schwartz, Aaron Appel, Adam Schwartz, Keith Kurland, and Mo Beler - Walker & Dunlop
- Loan Type: Bridge
The lender for this transaction is PCCP, with Brian Haber representing them. The landlord of the property is Slate Property Group, and they are represented by Martin Nussbaum. The brokers involved in the deal are Jonathan Schwartz, Aaron Appel, Adam Schwartz, Keith Kurland, and Mo Beler from Walker & Dunlop.
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