ICross Capital Provides $62 Million Construction Loan For Office Project In Flushing
FINANCED
$62,000,000
New York
See Similar DealsOffice120,000 SF
Financed 04/25/2025
FINANCED
ICross Capital Provides $62 Million Construction Loan For Office Project In Flushing
37 16 Union Street
See Similar DealsOffice120,000 SF
Financed 04/25/2025
Summary
NEW YORK
Asset Type:Office
Price Per Square Foot:$516
Total Square Footage:120,000 SF
Transaction Type:Loan
The property asset involved in the transaction is located at 37-16 Union Street in Flushing. It is an office asset with a total square footage of 120,000 and consists of 89 units. The loan amount secured for this property is $62,000,000, categorized as a construction loan.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $62,000,000
- Address: 37-16 Union Street
- Market: Flushing
- Asset Size: 120,000 SF
- Units: 89
- Lender: iCross Capital
- Landlord: Albert Shirian & Aaron Shirian - Lions Group
The deal involves key individuals such as Lily Guo, Aaron Shirian, and Albert Shirian, who are associated with the transaction. Albert Shirian and Aaron Shirian represent Lions Group in their capacity as landlords for the property.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$62,000,000.00
Monthly NOI$413,333.33
Monthly Debt Service$391,882.17
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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