Updated Dec 4, 2024
JLL Arranges $32.5M Fannie Mae Loan For Multifamily Property In Long Island City
44-72 11th Street
$32,500,000
Building Size
—
Asset Type
MultiFamily
Closing
Nov 15, 2023
About this deal
AI
Ekstein Development has secured a $32,500,000 agency loan from Fannie Mae for a multifamily property located at 44-72 11th Street in Long Island City. The transaction was facilitated by JLL brokers Peter Rotchford, Michael Shmuely, Rob Hinckley, Michael Zaremski, and John Flynn.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $32,500,000
- Lender: Fannie Mae
- Landlord: Ekstein Development
- Brokers: Peter Rotchford, Michael Shmuely, Rob Hinckley, Michael Zaremski, and John Flynn - JLL
- Loan Type: Agency
The loan provided by Fannie Mae will support Ekstein Development in their multifamily property venture at 44-72 11th Street, Long Island City. JLL brokers, Peter Rotchford, Michael Shmuely, Rob Hinckley, Michael Zaremski, and John Flynn, played a crucial role in facilitating the transaction.
Players
Gunpowder 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
0.49%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93