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ICross Capital Acquires $28.8M Note From Valley National Bank Secured By Urban 21 In Long Island City
SOLD
$28,800,000
New York
See Similar DealsNote / Loan
Sold
SOLD
ICross Capital Acquires $28.8M Note From Valley National Bank Secured By Urban 21 In Long Island City
11-58 46th Road
See Similar DealsNote / Loan
Sold
Summary
NEW YORK
Asset Type:Note / Loan
Transaction Type:Sale
A note/loan transaction occurred involving a financial asset amounting to $28,800,000, situated at 11-58 46th Road in Long Island City, Queens. The asset pertains to a note secured by a development project comprising 71 residential units and one commercial unit.
Summary of transaction details:
- Property Type: Note / Loan
- Transaction Amount: $28,800,000
- Buyer: iCross Capital
- Seller: Valley National Bank
- Date of Transaction: February 27, 2026
- Secured by: United Construction & Development Group’s Urban 21 project
The transaction was facilitated by iCross Capital through Elite 104 LLC, indicating the buyer's strategic acquisition of the note from Valley National Bank. This arrangement shows the financial activities involved in the development sector in Long Island City.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,536,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$102,320.32
Cash-on-Cash Return-1.27%
Monthly Debt Service$136,526.69
Annual Debt Service$1,638,320.32
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