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47 Broadway, Queens, New Yo...

Pacific Western Bank And PCCP Provide $109M Construction Loan For Multifamily Building On Long Island
FINANCEDMultiFamily

Pacific Western Bank And PCCP Provide $109M Construction Loan For Multifamily Building On Long Island

47 Broadway, Queens, New York 11106, United States

$109,000,000

$3,943/SF

Building Size

27,640 SF

Asset Type

MultiFamily

Closing

May 11, 2022

AI

47 Broadway in Long Island has been involved in a closed transaction. The property is a multifamily asset.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $109,000,000
  • Market: Long Island
  • Address: 47 Broadway

The loan for this transaction was provided by Pacific Western Bank and PCCP. The landlord involved in the deal is Breslin Realty Development and Fields Grade Development. The brokers representing the transaction were Lee Spiegelman, Mark DeLillo, Marc Schulder, and Felipe Marin from BlueGate Partners.

Note: The loan type for this transaction is construction.

Players

Lee Spiegelman

BlueGate Partners

Broker

$157.5M

vol

2 deals

Broker
Pacific Coast Capital Partners (PCCP)
Pacific Coast Capital Partners (PCCP)Lender

New York MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Loan transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.15%

Cash-on-Cash

-0.04%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93