Preferred Bank Provides $48.2M Loan For Multifamily Building In Long Island City
FINANCED
$48,230,000
New York
See Similar DealsMultiFamily1,250 SF
Financed 05/18/2020
FINANCED
Preferred Bank Provides $48.2M Loan For Multifamily Building In Long Island City
45-30 Pearson Street, Long Island City, NY, USA
See Similar DealsMultiFamily1,250 SF
Financed 05/18/2020
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$38,584
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 closed transaction. The property consists of 130 units and is owned by Ascent Development, represented by Tien Vominh, a broker with the buyer. The transaction took place on 05/18/2021.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $48,230,000
- Address: 45-30 Pearson Street
- Market: Long Island City
- Units: 130
Preferred Bank provided a loan of $48,230,000 for the transaction. Tien Vominh, from Ascent Development, served as the landlord's representative in the deal.
Players
BROKERAGE
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$48,230,000.00
Monthly NOI$321,533.33
Monthly Debt Service$304,846.41
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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