MidFirst Bank Provides $9M Acquisition Loan For Multifamily Asset In Long Island City
FINANCED
$9,000,000
New York
See Similar DealsMultiFamily77,700 SF
Financed 10/31/2024
FINANCED
MidFirst Bank Provides $9M Acquisition Loan For Multifamily Asset In Long Island City
Greenpoint Ave
See Similar DealsMultiFamily77,700 SF
Financed 10/31/2024
Summary
NEW YORK
Asset Type:MultiFamily
Price Per Square Foot:$115
Total Square Footage:77,700 SF
Transaction Type:Loan
The property asset involved in this transaction is a multifamily building located at 44-17 Greenpoint Ave, situated in the Long Island City market. The asset encompasses a total area of 77,700 square feet.
Summary of transation details:
- Property Type: Multifamily
- Transaction Amount: $9,000,000
- Lender: MidFirst Bank
- Lender Representatives: James Lim & Rex Grasso
- Brokers: Omar Ferreira & Morris Betesh
- Broker Agency: Arrow Real Estate Advisors
- Loan Type: Acquisition
The key individuals involved in this transaction include Omar Ferreira and Morris Betesh, who represented the buyer in the deal through their agency, Arrow Real Estate Advisors. The lending was facilitated by representatives James Lim and Rex Grasso from MidFirst Bank.
Players
BROKERAGE
LENDER
Details
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$9,000,000.00
Monthly NOI$60,000.00
Monthly Debt Service$56,886.12
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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