Bayside Ram Realty Secures $5.6M Refinance Loan For Two Office Properties In Queens
214-23 42nd Avenue & 214 25 42nd Avenue
$5,600,000
$195/SF
Building Size
14,300 SF
Asset Type
Office
Closing
Oct 25, 2023
About this deal
AI
Anthony Chiodi and Richard Regan, representing the entity Bayside Ram Realty, LLC, secured a $5.6 million refinance loan from NewBank, through their entity Newbank, for two office properties located at 214-23 42nd Avenue and 214-25 42nd Avenue in Bayside, Queens. The properties have a combined square footage of 14,300 and are situated in the Bayside market.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $5,600,000
- Loan Type: Refinance
- Lender: Min Woo Nahm - NewBank
- Landlord: Anthony Chiodi & Richard Regan
The refinance loan was secured by Anthony Chiodi and Richard Regan on behalf of their entity Bayside Ram Realty, LLC, with NewBank serving as the lender. Min Woo Nahm, representing NewBank, facilitated the loan transaction for the two office properties in Bayside, Queens.
On the Map
$5,600,000
$195/SF
Office
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Bayside 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
2.83%
Cash-on-Cash
-0.81%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93