Steven Li's Grosvenor Realty Group II LLC Refinances Multifamily Building In Kew Gardens For $16M With Popular Bank
82-77 116th Avenue
$16,000,000
$289/SF
Building Size
55,200 SF
Asset Type
MultiFamily
Closing
Dec 22, 2023
AI
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.
Players
Richmond Hill 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
0.99%
Cash-on-Cash
-0.28%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93