Mohinder Singh Secures $19 Million Construction Loan For 48-Unit Multifamily Property In Farmingdale
FINANCED
$19,000,000
New York
See Similar DealsMultiFamily78,000 SF
Financed 07/31/2025
FINANCED
Mohinder Singh Secures $19 Million Construction Loan For 48-Unit Multifamily Property In Farmingdale
380 Eastern Parkway
See Similar DealsMultiFamily78,000 SF
Financed 07/31/2025
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$243
Total Square Footage:78,000 SF
Transaction Type:Loan
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.
Players
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$19,000,000.00
Monthly NOI$126,666.67
Monthly Debt Service$120,092.92
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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