BHI And Valley National Bank Provide $52.5M Construction Loan For Long Island City Multifamily
FINANCED
$52,500,000
New York
See Similar DealsMultiFamily116,845 SF
Financed 11/15/2022
FINANCED
BHI And Valley National Bank Provide $52.5M Construction Loan For Long Island City Multifamily
45 Davis Street
See Similar DealsMultiFamily116,845 SF
Financed 11/15/2022
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$449
Total Square Footage:116,845 SF
Transaction Type:Loan
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
BROKERAGE
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$52,500,000.00
Monthly NOI$350,000.00
Monthly Debt Service$331,835.71
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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