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Marx Development Group Refinances Flushing Nursing Home For $32M With Bankwell Bank

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FINANCED
$32,000,000

New York

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Other146,042 SF
Financed 10/19/2022
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Property Image
FINANCED

Marx Development Group Refinances Flushing Nursing Home For $32M With Bankwell Bank

33-23 Union Street, Queens, New York 11354, United States

See Similar Deals
Other146,042 SF
Financed 10/19/2022
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Summary

NEW YORK
Asset Type:Other
Price Per Square Foot:$219
Total Square Footage:146,042 SF
Transaction Type:Loan

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.

Players

Bankwell Financial Group
Bankwell Financial Group
LENDER
David E. Marx
David E. Marx
4 deals$170.2M volume
LANDLORD

Details

FINANCED
IMAGE: David E. Marx DATE: 10/19/2022 ADDRESS: 33-23 Union Street MARKET: Flushing, Queens ASSET TYPE: Nursing Home ~ SF: 146,042 LENDER: Bankwell Bank (@MyBankwell) - Konstantin Grinberg LANDLORD: Marx Development Group - David E. Marx LOAN AMOUNT: $32,000,000 LOAN TYPE: Refinance

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$32,000,000.00

Monthly NOI$213,333.33
Monthly Debt Service$202,261.77
Change in Cash Flow$0.00
Refinance Proceeds$0.00