Updated Apr 3, 2025
BHI And Valley National Bank Provide $52.5M Construction Loan For Long Island City Multifamily
45 Davis Street
$52,500,000
$449/SF
Building Size
116,845 SF
Asset Type
MultiFamily
Closing
Nov 15, 2022
About this deal
AI
The multifamily property located at 45-17 Davis Street in Long Island City, was recently involved in a closed transaction. The property spans a total of 116,845 square feet.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $52,500,000
- Address: 45-17 Davis Street
- Market: Long Island City
The loan for this transaction was provided by BHI, represented by Mimi Vu, along with Valley National Bank. The landlord, ZD Jasper Realty, was represented by Jasper Wu. The brokers, Omar Ferreira and Morris Betesh, worked on behalf of the Meridian Capital Group.
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
0.30%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93