Watermark Capital Group Secures $105 Million Loan For Multifamily Property In Long Island City
41-10 Crescent Street
$105,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Jun 30, 2026
AI
The asset involved in this transaction is a multifamily property located at 41-10 Crescent Street in the Long Island City market. This property secured a loan amount of $105,000,000, categorized specifically as a Lease up, Leasehold Refinance transaction.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $105,000,000
- Address: 41-10 Crescent Street
- Market: Long Island City
- Landlord: Watermark Capital Group
- Landlord's Representatives: Morris Betesh, Israel Mermelstein, Omar Ferreira, Jacob Petrovic & Jonah Schultz - Arrow Real Estate Advisors
- Loan Type: Lease up, Leasehold Refinance
This transaction involved significant key players in the real estate sector, particularly the landlord, Watermark Capital Group. The team representing the landlord consisted of Morris Betesh, Israel Mermelstein, Omar Ferreira, Jacob Petrovic, and Jonah Schultz from Arrow Real Estate Advisors.
Players
Long Island City 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
0.15%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93