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Steven Li's Grosvenor Realty Group II LLC Refinances Multifamily Building In Kew Gardens For $16M With Popular Bank
FINANCED
$16,000,000
New York
See Similar DealsMultiFamily55,200 SF
Financed 12/22/2023
FINANCED
Steven Li's Grosvenor Realty Group II LLC Refinances Multifamily Building In Kew Gardens For $16M With Popular Bank
82-77 116th Avenue
See Similar DealsMultiFamily55,200 SF
Financed 12/22/2023
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$289
Total Square Footage:55,200 SF
Transaction Type:Loan
Steven Li, through Grosvenor Realty Group II LLC, closed a $16 million refinancing deal with Popular Bank for a 55-unit residential elevator building at 82-77 116th Street in Kew Gardens, Queens. The property is a multifamily asset with 55,200 square feet of space. It is located in the Kew Gardens market.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $16,000,000
- Address: 82-77 116th Avenue
- Market: Kew Gardens, Queens
- Square Footage: 55,200
- Units: 55
- Lender: Dean Saltzman - Popular Bank
- Landlord: Steven Li
- Loan Type: Refinance
Dean Saltzman, representing Popular Bank, provided the $16 million loan for the refinancing deal. Steven Li, the landlord, closed the transaction through his company Grosvenor Realty Group II LLC.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$16,000,000.00
Monthly NOI$106,666.67
Monthly Debt Service$101,130.88
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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