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Apollo And Lionheart Strategic Management Provides $175 Million Construction Loan For Eight West Multifamily In Queens

Property Image
FINANCED
$175,000,000
Max Ralby
Jordan (Jordy) Roeschlaub
Nick Scribani
+ 1

New York

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MultiFamily292,379 SF
Financed 06/27/2024
the dealplayerscompscontact
Property Image
FINANCED

Apollo And Lionheart Strategic Management Provides $175 Million Construction Loan For Eight West Multifamily In Queens

72-01 Queens Boulevard

See Similar Deals
MultiFamily292,379 SF
Financed 06/27/2024
Max Ralby
Jordan (Jordy) Roeschlaub
Nick Scribani
+ 1
the dealplayerscompscontact
Contact now

Summary

NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$598
Total Square Footage:292,379 SF
Transaction Type:Loan

The property asset involved in this transaction is a multifamily building located at 72-01 Queens Boulevard in Queens. It consists of 292,379 square feet and includes a total of 367 units.

Summary of transaction details:

The deal includes significant involvement from multiple brokers representing the interests of the landlord, with a focus on facilitating the construction financing required for the property. The brokers played a crucial role in the arrangement of the funding necessary for the project's development.

Players

Nick Scribani
Newmark
Nick Scribani
191 deals$55.1B volume(212) 372-2113
BROKER
Max Ralby
Newmark
Max Ralby
74 deals$3.8B volume
BROKER
Jordan (Jordy) Roeschlaub
Newmark
Jordan Roeschlaub
321 deals$96.2B volume
BROKER
Peter Griesinger
CBRE
Peter Griesinger
8 deals$2.1B volume(212) 656-0587
BROKER
Apollo Bank
Apollo Bank
LENDER
Lionheart Strategic Management
Lionheart Strategic Management
LENDER

Details

FINANCED
IMAGE: Peter Griesinger, Max Ralby, Jordan Roeschlaub, Nick Scribani, Rex Hakimian, Marc Rowan, Shawn Hakimian, Winston Fisher, Andy Klein & Sebastian Post DATE: 06/27/2024 ADDRESS: 72-01 Queens Boulevard MARKET: Queens ASSET TYPE: Multifamily ~ SF: 292,379 ~ UNITS: 367 LENDER: Apollo & Lionheart Strategic Management LANDLORD: Eight West, Affiliate Of The Hakimian Organization BROKERS: Jordan Roeschlaub (@JordyRoeschlaub), Nick Scribani (@ScribSays), Max Ralby (@MaxRalby) & Peter Griesinger - Newmark (@Newmark) LOAN AMOUNT: $175,000,000 LOAN TYPE: Construction

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$175,000,000.00

Monthly NOI$1,166,666.67
Monthly Debt Service$1,106,119.04
Change in Cash Flow$0.00
Refinance Proceeds$0.00