Arth Patel Secures $3,600,000 Refinance Loan For 33-Unit Multifamily At 95-13 Northern Boulevard

The asset involved in this transaction is a MultiFamily property located at 95-13 Northern Boulevard in the Jackson Heights market. It comprises a total of 24,909 square feet and includes 33 units. The loan amount secured for this property is $3,600,000, and it is a refinance loan with terms of 5+5 years over a 30-year period at a rate of 6.25.

Summary of transation details:

• Property Type: MultiFamily
• Transaction Amount: $3,600,000
• Loan Type: Refinance
• Loan Terms: 5+5/30 years, rate 6.25
• Units: 33
• Square Footage: 24,909
• Address: 95-13 Northern Boulevard
• Market: Jackson Heights
• Lender: Royal Bank
• Borrower: Arth Patel
• Broker: John Lagoudis - Aegean Commercial Capital

John Lagoudis from Aegean Commercial Capital arranged a cash-out refinance for this transaction, which includes 28 rent-stabilized apartments and 5 stores, of which 2 are vacant. The broker succeeded in securing favorable loan terms on a 100% rent-stabilized building for the client.