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ZD Jasper & Ascent Development Secures $100M Loan For Multifamily Project In Long Island City

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FINANCED
$100,000,000
Omar Ferreira
Morris Betesh

New York

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MultiFamily1,250 SF
Financed 05/18/2021
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Property Image
FINANCED

ZD Jasper & Ascent Development Secures $100M Loan For Multifamily Project In Long Island City

45-30 Pearson Street, Long Island City, NY, USA

See Similar Deals
MultiFamily1,250 SF
Financed 05/18/2021
Omar Ferreira
Morris Betesh
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$80,000
Total Square Footage:1,250 SF
Transaction Type:Loan

A multifamily property located at 45-30 Pearson Street in Long Island City has recently been involved in a loan transaction. The property, owned by ZD Jasper & Ascent Development, is part of a 130-unit multifamily project in the area. The deal was facilitated by Morris Betesh and Omar Ferreira from Meridian Capital Group.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $100,000,000
  • Address: 45-30 Pearson Street
  • Market: Long Island City
  • Lender: Preferred Bank
  • Landlord: ZD Jasper & Ascent Development
  • Brokers: Morris Betesh & Omar Ferreira - Meridian Capital Group

Meridian Capital Group played a crucial role in this transaction, helping to facilitate approximately $65 million in debt and approximately $35 million raised in joint venture equity for the ZD Jasper & Ascent Development's multifamily project in Long Island City.

Players

Morris Betesh
Arrow Real Estate Advisors
Morris Betesh
211 deals$12.3B volume(646) 825-7005
BROKER
Omar Ferreira
Arrow Real Estate Advisors
Omar Ferreira
61 deals$3.3B volume(646) 825-7013
BROKER
Meridian Capital Group
Meridian Capital Group
BROKERAGE
Preferred Bank
Preferred Bank
LENDER
ZD Jasper
ZD Jasper
LANDLORD
AD
Ascent Development
LANDLORD

Details

FINANCED
IMAGE: Morris Betesh & Omar Ferreira DATE: 05/18/2021 ADDRESS: 45-30 Pearson Street MARKET: Long Island City ASSET TYPE: Multifamily LENDER: Preferred Bank LANDLORD: ZD Jasper & Ascent Development BROKERS: Morris Betesh & Omar Ferreira - Meridian Capital Group AMOUNT: $100,000,000 NOTE: Meridian Capital Group helped facilitate ~$65M in Debt & ~$35M Raised in JV Equity for ZD Jasper & Ascent Development’ 130 unit multifamily project in LIC.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$100,000,000.00

Monthly NOI$666,666.67
Monthly Debt Service$632,068.02
Change in Cash Flow$0.00
Refinance Proceeds$0.00