Episcopal Health Services Secures $26.2M Construction Loan For Far Rockaway Medical Facility
327 Beach 19th St Queens, NY 11691, USA
$26,250,000
$219/SF
Building Size
119,788 SF
Asset Type
Other
Closing
May 2, 2023
About this deal
AI
A rehab construction loan valued at $26.2 million has been secured by Episcopal Health Services for the St. John's Episcopal Hospital building in Far Rockaway, Queens. The loan was provided by M&T Bank. The transaction, closed on May 2, 2023, involved a medical facility with a total buildable area of 212,500 square feet. The property has 119,788 square feet of built space and 93,500 square feet of additional air rights.
Summary of transaction details
- Property Type: Medical Facility
- Transaction Amount: $26,250,000
- Address: 327 Beach 19th Street
- Market: Far Rockaway, Queens
- Lender: M&T Bank
- Landlord: Gerard M. Walsh (Episcopal Health Services)
- Building Square Footage: 119,788
- Additional Air Rights: 93,500
M&T Bank provided the loan for the rehab construction of St. John's Episcopal Hospital building. Episcopal Health Services represents the landlord, Gerard M. Walsh, in this transaction.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.60%
Cash-on-Cash
-0.17%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93