Updated Aug 7, 2026
FINANCEDMultiFamily
Steven Li Of Grosvenor Realty Group Secures $19.6M Refinance Loan For 55-Unit Multifamily In Kew Gardens
82-77 116th Street
$19,600,000
$355/SF
Building Size
55,200 SF
Asset Type
MultiFamily
Closing
Jul 23, 2026
About this deal
AI
The property asset involved in this transaction is a multi-family residential building located at 82-77 116th Street in Kew Gardens, Queens. The building has a total square footage of 55,200 and consists of 55 separate units. A loan in the amount of $19,600,000 was secured, functioning as a refinance, replacing a previous debt held by Popular Bank.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $19,600,000
- Lender: Bravo Capital
- Landlord: Steven Li - Grosvenor Realty Group LLC
- Date: 07/23/2026
This transaction was facilitated by JLS Group Construction, who handled the refinancing of the residential elevator building. The refinancing replaced an existing debt valued at $16 million, enhancing the financial structure of the property under the ownership of Steven Li, represented in this deal by Grosvenor Realty Group LLC.
On the Map
$19,600,000
$355/SF
MultiFamily
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.81%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93