Muss Development Secures $24.9M Refinance Loan For Office Building In Jamaica Queens
88 11 165th Street
$24,900,000
Building Size
—
Asset Type
Office
Closing
Apr 28, 2025
AI
An office building located at 88-11 165th Street in Jamaica, Queens, measures 202,900 sq ft. Muss Development, through Allied Jamaica LLC, has secured a refinance loan of $24.9 million from Symetra Life Insurance Company for this asset.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $24,900,000
- Lender: Symetra Life Insurance
- Landlord: Joshua L. Muss - Muss Development
- Market: Jamaica, Queens
- Loan Type: Refinance
Joshua L. Muss, representing Muss Development, played a crucial role in this transaction, facilitating the refinancing process through Allied Jamaica LLC. Symetra Life Insurance Company provided the financing needed for this office building in a key market area.
Players
Jamaica 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
0.64%
Cash-on-Cash
-0.18%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93