Updated Apr 3, 2025
ZD Jasper & Ascent Development Secures $100M Loan For Multifamily Project In Long Island City
45-30 Pearson Street, Long Island City, NY, USA
$100,000,000
$80,000/SF
Building Size
1,250 SF
Asset Type
MultiFamily
Closing
May 18, 2021
About this deal
AI
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
New York 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
0.16%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93