Updated Sep 9, 2024
Stormfield Capital Provides $7.5M Bridge Loan For Multifamily Property In Jamaica
87-37 Palermo St, Jamaica, NY, USA
$7,500,000
$170/SF
Building Size
44,000 SF
Asset Type
MultiFamily
Closing
Sep 2, 2021
About this deal
AI
Located at 87-37 Palermo St. in Jamaica, this multifamily property spans approximately 44,000 square feet. The transaction took place on 09/03/2021, with Steve Cheung as the landlord. The property is situated in the Jamaica market.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $7,500,000
- Lender: Stormfield Capital
- Broker: Joseph Hach - Leviathan Capital
Joseph Hach from Leviathan Capital acted as the broker in this deal. The loan for the transaction was provided by Stormfield Capital in the form of a $7,500,000 bridge loan.
On the Map
$7,500,000
$170/SF
MultiFamily
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Players
New York 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
2.12%
Cash-on-Cash
-0.60%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93