Updated Oct 29, 2024
SB Development Acquires Multifamily Property In Long Island City With $62M Loan From Northwind Group
41-05 29th Street, Queens, New York 11101, United States
$62,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Jul 12, 2022
About this deal
AI
Located at 41-05 29th Street in Long Island City, this multifamily property has recently been involved in a closed transaction. The transaction took place on 12/07/2022 and involved a loan amount of $62,000,000. The property is owned by SB Development, represented by Joseph Stern and Hazelton Capital Group, and the lender for this transaction was Northwind Group, represented by Ran Eliasaf.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $62,000,000
- Address: 41-05 29th Street
- Market: Long Island City
The deal's key individuals include Joseph Stern from SB Development and Ran Eliasaf from the Northwind Group. Joseph Stern, along with Hazelton Capital Group, represents the landlord in this transaction. Ran Eliasaf, on the other hand, represents the lender, Northwind Group.
On the Map
$62,000,000
MultiFamily
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Players
Long Island City MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.26%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93