Updated Dec 4, 2025
Richard Boynton Of Fairfield Properties Secures $11.6M Refinance Loan From Citibank For Multifamily Asset
7 07 Beach 9th Street
$11,600,000
$138/SF
Building Size
83,730 SF
Asset Type
MultiFamily
Closing
Nov 6, 2025
About this deal
AI
The multifamily asset is located at 7-07 Beach 9th Street in Far Rockaway, Queens, encompassing a total square footage of 83,730. The property features a 104-unit elevator building and has undergone refinancing, with a loan amount of $11,600,000 secured from Citibank. The refinancing replaced a previous loan of $15,200,000 from TD Bank.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $11,600,000
- Address: 7-07 Beach 9th Street
- Market: Far Rockaway, Queens
- Lender: Citibank
- Landlord: Richard Boynton - Fairfield Properties
- Previous Loan: $15,200,000 from TD Bank
The transaction was facilitated by Richard Boynton, who represents Fairfield Properties in this refinancing deal, executed through Fairfield Beach 9th LLC.
On the Map
$11,600,000
$138/SF
MultiFamily
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Players
Far Rockaway 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
1.37%
Cash-on-Cash
-0.39%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93