Updated Nov 12, 2026
Pi Capital Secures $71 Million Senior Mortgage Loan From Santander Bank For MultiFamily Asset
85-15 Queens Boulevard
$71,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Nov 4, 2026
About this deal
AI
The asset involved in this transaction is a MultiFamily property located at 85-15 Queens Boulevard in Queens. The total loan amount secured for this property is $71,000,000, which is structured as a senior mortgage loan with a fixed rate over a term of 5 years.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $71,000,000
- Lender: Santander Bank
- Borrower: Pi Capital - Jerry Pi & Grace Pi
- Brokers: Judah Neuman & Cary Pollack - Meridian Capital Group
- Loan Terms: 5-year term, fixed rate
The deal features Jerry Pi and Grace Pi as the borrowers representing Pi Capital. The transaction was facilitated by brokers Judah Neuman and Cary Pollack, who are associated with Meridian Capital Group, handling the negotiation and arrangement of the loan from Santander Bank.
On the Map
$71,000,000
MultiFamily
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93