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Bayside Ram Realty Secures $5.6M Refinance Loan For Two Office Properties In Queens

Property Image
FINANCED
$5,600,000

New York

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Office28,600 SF
Financed 10/25/2023
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Property Image
FINANCED

Bayside Ram Realty Secures $5.6M Refinance Loan For Two Office Properties In Queens

214-23 42nd Avenue & 214 25 42nd Avenue

See Similar Deals
Office28,600 SF
Financed 10/25/2023
the dealplayerscompscontact
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Summary

NEW YORK
Asset Type:Office
Price Per Square Foot:$195
Total Square Footage:28,600 SF
Transaction Type:Loan

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.

Players

NewBank
NewBank
LENDER

Details

FINANCED
IMAGE: 10/25/2023 ADDRESS: 214-23 42nd Avenue & 214-25 42nd Avenue MARKET: Bayside, Queens ASSET TYPE: Office ~ SF: 14,300 LENDER: Min Woo Nahm - NewBank LANDLORD: Anthony Chiodi & Richard Regan LOAN AMOUNT: $5,600,000 LOAN TYPE: Refinance NOTE: 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 in Bayside, Queens.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$5,600,000.00

Monthly NOI$37,333.33
Monthly Debt Service$35,395.81
Change in Cash Flow$0.00
Refinance Proceeds$0.00