Stormfield Capital Provides $1.5M Bridge Loan For Office Property In Jamaica, Queens
192-08 Jamaica Ave, Jamaica, NY 11423, USA
$1,500,000
$375/SF
Building Size
4,000 SF
Asset Type
Office
Closing
Nov 29, 2020
About this deal
AI
The office property located at 192-08 Jamaica Ave in Jamaica, Queens has been involved in a recent closed transaction. The property spans 4,000 square feet and was the subject of a bridge loan provided by Stormfield Capital. The loan amount for this transaction was $1,500,000. The landlord of the property is Mian Mian LLC, represented by Fahed Fayyaz. Jafri Capital LLC served as the broker in this deal.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $1,500,000
- Address: 192-08 Jamaica Ave
- Market: Jamaica, Queens
- Lender: Stormfield Capital
- Landlord: Mian Mian LLC - Fahed Fayyaz
- Broker: Jafri Capital LLC
- Square Footage: 4,000
This transaction involved a bridge loan that required a 2-week closing period. The loan term for this transaction was 6 months.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
10.58%
Cash-on-Cash
-3.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93