Updated Aug 13, 2025
Mohinder Singh Secures $19 Million Construction Loan For 48-Unit Multifamily Property In Farmingdale
380 Eastern Parkway
$19,000,000
$243/SF
Building Size
78,000 SF
Asset Type
MultiFamily
Closing
Jul 30, 2025
About this deal
AI
The property asset involved in this transaction is located at 380 Eastern Parkway in Farmingdale. This multifamily property spans 78,000 square feet and consists of 48 units. The landlord for this property is Mohinder Singh. A construction loan of $19,000,000 has been secured against the asset, with the loan terms set for 2 years.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $19,000,000
- Loan Type: Construction
- Loan Terms: 2 Years
- Landlord: Mohinder Singh
- Landlord's Representative: Mike Hennessy & Adam Kaplan - Scouter Capital
Key individuals involved in this transaction include Mike Hennessy and Adam Kaplan, who represent the landlord in this loan deal. They are affiliated with Scouter Capital, providing their expertise in the financing process for this multifamily property.
On the Map
$19,000,000
$243/SF
MultiFamily
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Farmingdale 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
0.83%
Cash-on-Cash
-0.24%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93