Marx Development Group Refinances Flushing Nursing Home For $32M With Bankwell Bank
33-23 Union Street, Queens, New York 11354, United States
$32,000,000
$219/SF
Building Size
146,042 SF
Asset Type
Other
Closing
Oct 18, 2022
About this deal
AI
A nursing home located at 33-23 Union Street in Flushing, Queens has been refinanced for a loan amount of $32,000,000. The property, which spans across 146,042 square feet, is owned by Marx Development Group, with David E. Marx as the landlord. The loan was provided by Bankwell Bank, with Konstantin Grinberg representing the bank as the lender's representative. The refinance transaction took place on October 19, 2022.
Summary of transaction details
- Property Type: Nursing Home
- Transaction Amount: $32,000,000
- Address: 33-23 Union Street, Flushing, Queens
- Square Footage: 146,042
- Market: Flushing, Queens
In this loan refinance deal, Konstantin Grinberg from Bankwell Bank acted as the lender's representative. David E. Marx, from Marx Development Group, served as the landlord of the nursing home property.
On the Map
$32,000,000
$219/SF
Other
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.50%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93