Matthew Whalen Of Cord Meyer Development Company Secures $42.5M Loan From Webster Bank For Office Properties
108 18 Queens Boulevard & 51 31 Northern Boulevard
$42,500,000
$152/SF
Building Size
139,230 SF
Asset Type
Office
Closing
Sep 4, 2025
About this deal
AI
The asset involved in this transaction is an office property with a total square footage of 139,230 located at 108-18 Queens Boulevard in Forest Hills and 51-31 Northern Boulevard in Woodside. The transaction secured a loan amount of $42,500,000, facilitated by Webster Bank in the Queens market.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $42,500,000
- Lender: Webster Bank
- Landlord: Matthew Whalen - Cord Meyer Development Company
- Address: 108-18 Queens Boulevard & 51-31 Northern Boulevard
- Market: Queens
- Asset Size: 139,230 SF
This deal was managed by Matthew Whalen, representing Cord Meyer Development Company, demonstrating their involvement in securing the substantial financing for the two properties in the Queens area.
On the Map
$42,500,000
$152/SF
Office
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Players
Forest Hills Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.37%
Cash-on-Cash
-0.11%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93