Updated Feb 16, 2024
Arbor Realty Trust Provides $3.6M Loan For Multifamily Property In Corona, Queens
99-42 41st Avenue, Flushing, NY, USA
$3,575,000
$179/SF
Building Size
19,952 SF
Asset Type
MultiFamily
Closing
Feb 11, 2021
About this deal
AI
Located at 99-42 41st Avenue in Corona, Queens, this multifamily property has recently closed a transaction. The property is situated in a bustling market and offers great potential for investors.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $3,575,000
- Lender: Arbor Realty Trust
- Originator: Jonathan Mendes
- Landlord: Kevin Shanker
Jonathan Mendes from Arbor Realty Trust played a key role as the loan originator in this transaction. Representing the landlord, Kevin Shanker, Mendes successfully secured a loan amount of $3,575,000 for the purchase of this multifamily property. This deal highlights the collaboration between the lender and the landlord, showcasing their expertise in the real estate market.
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
4.44%
Cash-on-Cash
-1.27%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93