Stormfield Capital Provides $7.5M Bridge Loan For Multifamily Property In Jamaica
FINANCED
$7,500,000
New York
See Similar DealsMultiFamily44,000 SF
Financed 09/03/2021
FINANCED
Stormfield Capital Provides $7.5M Bridge Loan For Multifamily Property In Jamaica
87-37 Palermo St, Jamaica, NY, USA
See Similar DealsMultiFamily44,000 SF
Financed 09/03/2021
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$170
Total Square Footage:44,000 SF
Transaction Type:Loan
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.
Players
BROKERAGE
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$7,500,000.00
Monthly NOI$50,000.00
Monthly Debt Service$47,405.10
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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