Updated Jan 24, 2025
MidFirst Bank Provides $9M Acquisition Loan For Multifamily Asset In Long Island City
Greenpoint Ave
$9,000,000
$115/SF
Building Size
77,700 SF
Asset Type
MultiFamily
Closing
Oct 31, 2024
About this deal
AI
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
Long Island City 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
1.76%
Cash-on-Cash
-0.50%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93