The VOREA Group And MEGA Development Secure $7.5 Million Construction Loan From RRA Capital
44-01 11th Street
$7,500,000
$166/SF
Building Size
45,000 SF
Asset Type
Office
Closing
Jul 19, 2024
About this deal
AI
The property involved in this transaction is a light industrial asset located at 44-01 11th Street in Long Island City. The asset comprises a total square footage of 45,000 and was financed with a construction loan amounting to $7,500,000.
Summary of transaction details:
- Property Type: Light Industrial
- Transaction Amount: $7,500,000
- Address: 44-01 11th Street
- Market: Long Island City
- Landlord: The VOREA Group & MEGA Development
- Lender: RRA Capital
- Broker: Justin Horowitz - Cooper Horowitz, LLC
This transaction involved key entities and individuals including the landlords The VOREA Group and MEGA Development who are responsible for the property. Financing was provided by RRA Capital, showcasing their involvement in supporting construction projects in the market.
On the Map
$7,500,000
$166/SF
Office
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Players
Long Island City 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
2.12%
Cash-on-Cash
-0.60%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93